Swire Properties (00019.HK/00087.HK) announced its interim results on August 8. In the first half of 2024, the total revenue was HKD 7.279 billion, a decrease of 0.25% YoY. The shareholder's attributable net profit was HKD 3.914 billion, compared to HKD 4.221 billion in the same period of 2023. Excluding the change in the investment property value during the period, the shareholder's attributable basic earnings were HKD 5.576 billion, compared to HKD 5.594 billion in the first half of 2023. Excluding the change in the investment property value and significant non-recurring items during the two periods, Swire Properties recorded a basic recurring earnings of HKD 4.762 billion in the first half of 2024, compared to HKD 4.879 billion in the same period of 2023.
The aviation department continued to lead Swire Properties to achieve good results in the first half of 2024, substantially offsetting the lack of profit contribution after selling America's Coca-Cola in September last year. The profit of Jiangxi Guotai Group and Hong Kong International Airport Group rose with the recovery of the aviation industry. Coca-cola of Swire Properties still performed stably except the sale of America's Coca-Cola and the new acquisition business in Thailand and Laos. Swire Properties performed well in the face of challenges.
The board of directors is pleased to announce a first interim dividend of HKD 1.25 per A share and HKD 0.25 per B share, an increase of 4% from the first interim dividend of 2023.
In the second half of 2024, Swire Properties will continue to play to its strengths. The good condition of the business team will enable the company to cope with any difficulties and economic challenges facing us. The company's investment focus remains unchanged in core markets. Swire Properties will also continue to look for investment opportunities in the Greater Bay Area. In June 2024, the group signed a memorandum of understanding with the Shenzhen Municipal Government, highlighting the company's commitment to further expanding its business in the Greater Bay Area. Swire Properties will continue to focus on achieving its investment and development plans and strengthening its existing retail and office portfolio. Although the prospects for the Hong Kong market remain challenging, retail demand in mainland China is expected to remain stable.
