Hong Kong Land's net loss in 2024 expanded to US$1.385 billion

Hongkong Land's net loss in 2024 was US$1.385 billion (about S$1.841 million), an increase of 138% from 2023. After excluding one-time or non-operating projects, the group's basic profit in 2024 was US$410 million, a year-on-year decrease of 44%.

The group distributed a total dividend of 23 cents per share in 2024, 1 cent higher than in 2023.

Hong Kong Land Singapore time released its financial results for the year ended December 31, 2024 on the evening of Friday (March 7). The group pointed out that the reduction in basic profits was mainly affected by non-cash provisions for the build-to-sell business in mainland China.

In 2024, the group's revenue was US$2 billion, an increase of 8.6% year-on-year.

As of the end of 2024, the group's net liabilities were US$5 billion, a year-on-year decrease of 5%.

Looking ahead to 2025, the Group expects that the contribution of Hong Kong's Central portfolio will be affected by the reduction in office rentals and the ongoing transformation of Tomorrow's CENTRAL, which will be renovated as much as 40% of the rental area of the shopping district in the Land Plaza.

In addition, the Group also pointed out that due to the continued reduction of residential inventory under uncertain market conditions, the profit margins of the construction and sale sector are expected to decline and the overall contribution will also decrease.

“With uncertainty in the market environment, we expect base earnings to rebound in 2025, but are still well below the 2023 level,” said Michael Smith, CEO of the group.

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