港铁公司(00066) - 2023 - 中期财报

Financial Performance - Total revenue reached HKD 27.6 billion, an increase of 19.7% compared to the previous period[2] - Regular business profit was HKD 2.4 billion, a turnaround from a loss of HKD 0.7 billion in the same period last year[2] - Net profit attributable to shareholders was HKD 4.2 billion, up 11.7% year-on-year[2] - The net profit attributable to shareholders decreased by 11.7% to HKD 4.178 billion, equivalent to earnings per share of HKD 0.67[15] - Total revenue for the first half of 2023 reached HKD 2,415 million, a 63.1% increase compared to HKD 1,481 million in the same period of 2022[43] - Total revenue for the six months ended June 30, 2023, was HKD 27,574 million, an increase of 19.8% from HKD 23,033 million in the same period of 2022[131] - The profit attributable to shareholders for the six months ended June 30, 2023, was HKD 4,178 million, a decrease of 11.6% compared to HKD 4,732 million in the same period of 2022[132] Property Development - Property development profit increased by 90.6% to HKD 0.7 billion[2] - The property development segment achieved a profit of HKD 732 million, contributing to a total basic profit of HKD 3.152 billion, a decrease of 55.7% year-on-year[15] - The profit from property development in Hong Kong for the six months ended June 30, 2023, was HKD 712 million, down from HKD 7.747 billion in 2022, reflecting a significant decrease in property development profits[145] Investment Properties - Fair value measurement gains from investment properties amounted to HKD 1 billion, compared to a loss of HKD 2.4 billion in the previous period[2] - The company reported a loss from investment property fair value measurement of HKD 1,005 million, recovering from a loss of HKD 2,389 million in the previous year[131] - The fair value measurement gains from investment properties for the six months ended June 30, 2023, were HKD 1.005 billion, compared to losses of HKD 2.389 billion in 2022[146] Operational Highlights - The company is focused on expanding its core business in Hong Kong and developing new growth engines in mainland China and international markets[4] - In the first half of 2023, the company recorded a passenger volume recovery to over 90% of pre-pandemic levels, aided by new railway lines[14] - The company plans to invest over HKD 65 billion in railway asset renewal and maintenance over the next five years[14] - The company is actively pursuing opportunities in mainland China and international markets, with successful extensions of operating rights in Melbourne and the UK[14] Challenges and Risks - The company continues to face challenges from high inflation and rising interest rates, impacting its operational environment[12] - The company remains cautious about macroeconomic factors that could impact operations, including inflation and interest rates[30] Sustainability Initiatives - The company has set 44 key performance indicators to enhance its efforts in reducing greenhouse gas emissions, social inclusion, and development opportunities[17] - By 2030, the company aims to reduce greenhouse gas emissions per passenger kilometer by 46.2% compared to 2019 levels, and emissions per square meter of investment property by 58.6%[18] - The company is committed to achieving carbon neutrality by 2050, with science-based targets approved by the SBTi[18] Employee and Governance - The company achieved a 25% female board member ratio in May 2023, surpassing its 2025 target[22] - The company has received four "Employee Experience Awards" for its efforts in fostering a culture of continuous learning and employee training[21] - The company is committed to promoting workplace diversity, equality, and inclusion, with initiatives such as the "Gender Equality Network" launched in March 2023[72] Market Share and Competition - MTR's overall market share in Hong Kong's public transport sector increased to 49.6% in the first five months of 2023, up from 47.2% in the same period of 2022[36] - The market share for cross-boundary transport services rose to 53.5% in the first five months of 2023, compared to 0.0% in the same period last year due to service suspensions[36] Future Projects - The company is actively pursuing the Tung Chung Line extension project, which is expected to be completed by 2029, enhancing transportation connectivity and supporting sustainable population growth[26] - The East Rail Line extension project is expected to be completed by 2029, enhancing transportation efficiency for the Tung Chung residents[54] - The company has 14 new residential property projects underway, providing approximately 16,000 units to the Hong Kong residential market in the near to medium term[57] Financial Position - Total assets increased by 4.5% to HKD 341.7 billion compared to December 31, 2022[2] - The net debt-to-equity ratio improved by 1.0 percentage point to 22.3% compared to December 31, 2022[2] - Total liabilities rose by 11.5% to HKD 164.065 billion, mainly due to the accrual of the 2022 final dividend and net loan drawdowns[90] Shareholder Information - The company declared an interim ordinary dividend remained stable at HKD 0.42 per share, unchanged from the previous year[2] - The company will see a change in its financial director, with the new appointee starting on January 1, 2024[107] - The company has established a whistleblowing policy to encourage reporting of misconduct in a safe and confidential manner[102]