Summary by Moomoo AI
New World Development released its annual performance report for the 2023/24 fiscal year. As of June 30, 2024, the company's underlying surplus was HKD 21.739 billion, a 9% decrease from last year. The accounts show that attributable profit and earnings per share for the company's shareholders were HKD 19.046 billion and HKD 6.57 respectively, compared to HKD 23.907 billion and HKD 8.25 respectively last year. The board of directors recommended a final dividend of HKD 2.8 per share, a 24% decrease in annual dividends. Both property development surplus and rental income have decreased, but the performance of the investment property portfolio remains stable. The Group maintains a good financial position, with a debt ratio of 18.3%, and has signed a five-year syndicated loan agreement with 23 banks involving an amount of HKD 23 billion. Looking ahead, the Group will continue to strictly control costs and expects a significant decline in overall construction expenditure in the coming fiscal years.
