Five-Year Financial Summary

Consolidated Income Statement

For the year ended 30 June	2025 HK$M	2024 HK$M	2023 HK$M	2022 HK$M	2021 HK$M
Group Revenue	79,721	71,506	71,195	77,747	85,262
Segment revenue (including share of joint ventures and associates)	90,119	83,636	83,381	88,340	97,130
Segment operating profit (including share of joint ventures and associates)	32,188	32,359	34,689	39,010	44,176
Underlying profit attributable to the Company’s shareholders¹	21,855	21,739	23,885	28,729	29,873
Net effect of change in fair value of investment properties	(2,578)	(2,693)	22	(3,169)	(3,187)
Profit attributable to the Company’s shareholders	19,277	19,046	23,907	25,560	26,686
Dividends attributable to the Company’s shareholders	10,867	10,867	14,344	14,344	14,344

Key Segment Revenue and Operating Profit (including share of joint ventures and associates)

For the year ended 30 June	2025 HK$M	2024 HK$M	2023 HK$M	2022 HK$M	2021 HK$M
Segment Revenue
– Property sales	34,556	27,422	29,116	35,403	46,017
– Property rental	24,461	24,991	24,322	24,810	24,791
– Other businesses	31,102	31,223	29,943	28,127	26,322
	90,119	83,636	83,381	88,340	97,130
Segment operating profit
– Property sales	8,290	7,850	11,299	15,847	20,994
– Property rental	18,392	19,000	18,461	19,250	19,149
– Other businesses	5,506	5,509	4,929	3,913	4,033
	32,188	32,359	34,689	39,010	44,176

Consolidated Statement of Financial Position

As at 30 June	2025 HK$M	2024 HK$M	2023 HK$M	2022 HK$M	2021 HK$M
Investment properties	417,045	408,424	403,559	398,729	395,879
Property, plant and equipment	50,689	50,190	47,168	44,955	42,921
Associates and joint ventures	104,687	101,055	101,354	101,392	101,481
Other non-current assets	8,760	9,762	11,127	12,841	13,305
Properties for sale	197,452	214,077	211,639	207,136	200,934
Bank deposits and cash	16,919	16,221	15,280	20,323	21,781
Other current assets	21,341	18,365	15,864	22,191	20,118
Total assets	816,893	818,094	805,991	807,567	796,419
Bank and other borrowings	(110,217)	(127,087)	(125,053)	(124,931)	(116,823)
Other liabilities	(84,302)	(79,936)	(74,142)	(75,892)	(79,970)
Net assets	622,374	611,071	606,796	606,744	599,626
Share capital	70,703	70,703	70,703	70,703	70,703
Reserves	547,148	536,014	531,352	531,243	523,117
Shareholders’ equity	617,851	606,717	602,055	601,946	593,820
Non-controlling interests	4,523	4,354	4,741	4,798	5,806
Total equity	622,374	611,071	606,796	606,744	599,626
Net debt	93,298	110,866	109,773	104,608	95,042

Key Financial Information and Ratios

	2025 HK$	2024 HK$	2023 HK$	2022 HK$	2021 HK$
Per share data
Reported earnings per share (basic)	6.65	6.57	8.25	8.82	9.21
Underlying earnings per share (basic)	7.54	7.50	8.24	9.91	10.31
Dividends per share	3.75	3.75	4.95	4.95	4.95
Shareholders’ equity per share	213.20	209.40	207.80	207.70	204.90

Financial ratios
Net debt to shareholders’ equity (%)	15.1	18.3	18.2	17.4	16.0
Interest cover (times)	6.0	4.6	6.8	12.8	13.8
Dividend payout (%)²	49.7	50.0	60.1	49.9	48.0

Notes:

Underlying profit attributable to the Company’s shareholders excluded the net effect of change in the valuation of investment properties
Dividend payout based on underlying profit