Kerry Properties (0683) reported an 18 percent rise in net profit to HK$3.24 billion in 2023, thanks to the increased value of its investment properties, and maintained its final dividend at 95 HK cents.
However, underlying profit, excluding property revaluation, fell 22 percent to HK$2.52 billion, pressured by lower gross margins for property sales and higher interest rates. Total revenue fell 10 percent to HK$12 billion as revenue from property sales dipped 26 percent to HK$6.35 billion.
Contracted sales last year rose 1.62 times to HK$14 billion, driven by selling out three residential projects in Shanghai, Hangzhou and Hong Kong. Luxury property Mont Rouge in Kowloon was sold out, contributing to sales of HK$3.44 billion. Investment property revenue maintained at HK$5 billion and hotel revenue recorded a 66 percent rise to HK$1.8 billion.
Chairman Kuok Khoon Hua said the removal of all property cooling measures was a positive development but the company will continue its “cautious stance” with tightly controlled expenses.
Hong Kong United Times丨香港聯合時報丨HKUT 