九龙仓集团(00004) - 2024 - 年度业绩

Financial Performance - The group's underlying net profit decreased to HKD 2.798 billion (2023: HKD 3.566 billion), equivalent to HKD 0.92 per share (2023: HKD 1.17 per share), primarily due to a reduction in recognized sales from property development in mainland China and an increase in impairment provisions to HKD 2.018 billion (2023: HKD 1.855 billion) [4] - The group recorded a loss attributable to shareholders of HKD 3.224 billion (2023: profit of HKD 0.945 billion), with a basic loss per share of HKD 1.05 (2023: basic earnings of HKD 0.31) [4] - Group revenue fell by 36% to HKD 12.115 billion (2023: HKD 18.95 billion), with operating profit decreasing by 18% to HKD 5.644 billion (2023: HKD 6.896 billion) [15] - The company reported a net loss of HKD 2,611 million for the year, compared to a profit of HKD 1,105 million in 2023 [47] - The group reported a total loss before tax of HKD 6,316 million for the fiscal year ending December 31, 2024, compared to a profit of HKD 2,195 million in the previous year [56] Revenue Breakdown - Revenue from property development in mainland China decreased to RMB 1.4 billion (2023: RMB 2.6 billion), with unrecognized sales at year-end dropping to RMB 0.6 billion (2023: RMB 2.3 billion) [7] - The overall revenue from investment properties fell by 4% to HKD 45.71 billion, with operating profit declining by 6% to HKD 29.83 billion [8] - Development property revenue plummeted by 74% to HKD 2.255 billion (2023: HKD 8.562 billion), with operating profit down 61% to HKD 466 million (2023: HKD 1.202 billion) [15] - The logistics infrastructure segment's overall revenue decreased by 7% to HKD 2.205 billion, with operating profit down 17% to HKD 315 million [10] - The investment property segment reported a revenue of HKD 4,644 million, down from HKD 4,843 million in the previous year, reflecting a decrease of about 4.1% [56] Impairment and Expenses - The net impairment loss on investment properties was HKD 59.9 billion (2023: HKD 16.17 billion) as of December 31, 2024 [17] - Other net expenses amounted to HKD 2.271 billion (2023: HKD 1.6 billion), primarily due to impairment provisions for mainland development properties [19] - The company recorded an impairment provision of HKD 16.04 billion for properties developed in mainland China, compared to HKD 4.89 billion in 2023 [71] - The group reported a net other expenses of HKD 22,731 million in 2024, compared to HKD 16,000 million in 2023, an increase of approximately 42.7% [70] Taxation and Equity - The group recorded a tax credit of HKD 3.705 billion (2023: tax expense of HKD 1.09 billion), mainly due to the reversal of deferred tax provisions related to past revaluation surpluses [22] - Shareholders' equity decreased by 4% to HKD 136.8 billion as of December 31, 2024, compared to HKD 143 billion in December 2023, equivalent to HKD 44.77 per share [26] - The group's total tax expense for the year was HKD 3.705 billion, compared to HKD 1.09 billion in 2023 [72] Assets and Liabilities - Total assets decreased to HKD 190,039 million in 2024 from HKD 204,877 million in 2023, reflecting a decline of 7.2% [49] - Total operating assets fell by 7% to HKD 179.6 billion, down from HKD 192.8 billion in December 2023, with real estate, logistics, and investment assets accounting for 69%, 8%, and 23% respectively [27] - Net debt decreased by 9% to HKD 7.1 billion, with a net debt to total equity ratio of 5.0% [34] Future Outlook and Strategy - The group expects significant economic fluctuations due to geopolitical tensions, trade wars, and changes in U.S. Federal Reserve interest rates [11] - The group will continue to focus on core competencies and prudent financial management to drive development amid complex market conditions [12] Dividends - The group declared a total dividend of HKD 0.40 per share for the fiscal year 2024, unchanged from 2023 [5] - The total declared and paid dividend per share for 2024 was HKD 0.40, totaling HKD 1.222 billion, consistent with the previous year [75] Employment and Compensation - The company employed approximately 6,400 staff as of December 31, 2024, with compensation based on market trends and performance [43] Meeting and Shareholder Information - The annual general meeting of Kowloon Warehouse Group Limited is scheduled for May 13, 2025, at 11:15 AM [82] - Share transfer documents must be submitted by May 7, 2025, at 4:30 PM to participate in the annual general meeting [83] - The record date for shareholders is set for May 8, 2025 [82]