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	9,853	10,033	10,725	10,540	10,806
Hotels	297	189	154	85	113
Property sales	264	1,538	2	316	-
Total	10,414	11,760	10,881	10,941	10,919
Attributable to shareholders
Net profit	1,370	1,613	2,811	2,718	2,589
Underlying net profit _{(Note 1)}	2,407	2,327	2,931	3,002	2,991
Shareholders' equity	98,881	95,776	94,360	92,819	95,842

Earnings per share (HK$)	1.01	1.18	2.06	2.00	1.90
Underlying earnings per share (HK$) _{(Note 1)}	1.77	1.71	2.15	2.20	2.20
Dividends per share (HK cents)
Interim	21￠	21￠	21￠	21￠	21￠
Final	65￠	65￠	65￠	65￠	65￠
Total	86￠	86￠	86￠	86￠	86￠

Net debt to equity ratio _{(Note 2)}	30.9%	30.8%	28.6%	25.9%	22.3%
Number of shares issued (in million)	1,362	1,362	1,362	1,362	1,362

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