Investor Relations

Financial Year (For the year ended December 31)	2025 HK$M	2024 HK$M	2023 HK$M	2022 HK$M	2021 HK$M

Revenue
Property leasing	9,389	9,515	10,162	9,946	10,208
Hotels	297	189	154	85	113
Property sales	264	1,538	-	316	-
Total	9,950	11,242	10,316	10,347	10,321
Attributable to shareholders
Net profit	1,806	2,153	3,970	3,836	3,868
Underlying net profit _{(Note 1)}	3,202	3,095	4,137	4,199	4,365
Shareholders' equity	134,729	131,587	132,408	133,381	141,719

Earnings per share (HK$)	0.37	0.46	0.88	0.85	0.86
Underlying earnings per share (HK$)_{(Note 1)}	0.65	0.67	0.92	0.93	0.97
Dividends per share (HK cents)
Interim	12￠	12￠	18￠	18￠	18￠
Final	40￠	40￠	60￠	60￠	60￠
Total	52￠	52￠	78￠	78￠	78￠

Net debt to equity ratio _{(Note 2)}	32.7%	33.4%	31.9%	28.1%	24.4%
Number of shares issued (in million)	5,057	4,784	4,499	4,499	4,499

Notes:

Underlying net profit and underlying earnings per share are presented by excluding changes in fair value of properties, net of related income tax and non-controlling interests
Net debt represents total borrowings net of cash and deposits with banks. Equity comprises shareholders’ equity and non-controlling interests

Financial Highlights