Kowloon Development Company (34) H2 2025 earnings summary

Executive summary

• Underlying profit attributable to shareholders rose 39.6% year-over-year to HK$628 million, with underlying EPS at HK$0.48 versus HK$0.36 in 2024.

• Including fair value changes and revaluation losses, profit attributable to shareholders increased 12.9% to HK$131 million.

• Full year dividend for 2025 is HK$0.24 per share, up from HK$0.22 in 2024.

Financial highlights

• Revenue for 2025 was HK$4,953 million, down from HK$5,390 million in 2024.

• Net profit attributable to shareholders was HK$131 million, up from HK$116 million in 2024.

• Basic and diluted EPS were HK$0.10, compared to HK$0.09 in 2024.

• Gross rental income from investment properties in Hong Kong fell 7.3% to HK$265 million.

• Total comprehensive income for the year was HK$276 million, reversing a loss of HK$70 million in 2024.

Outlook and guidance

• Sales from Upper Manor and rental income in Hong Kong are expected to drive 2026 results.

• The Clear Water Bay Road project is a strategic focus, with phased completion starting in 2027.

• The Group will seek further investment opportunities in the Hong Kong residential market.