Hong Kong Ferry announces FY2024 annual results Increase in revennue for FY2024

Strategy to lease out The Symphonie for stable rental income

 Highlights of financial results

1. The Group’s revenue for the year amounted to HK$423 million, up by 12.9% as compared to last year.
2. The Group’s underlying profit for the year ended 31 December 2024 amounted to HK$158 million, up by 10% as compared to last year.
3. Consolidated profit after taxation for FY2024 amounted to HK$160 million, down by approximately 14% as compared to last year.
4. Earnings per share amounted to HK$0.46.
5. The Board of Directors recommended a final dividend of HK15 cents per share.

（18 March 2025, Hong Kong）– Hong Kong Ferry (Holdings) Company Limited (the “Company”, which together with its subsidiaries, is referred to as the “Group”; SEHK stock code: 0050) announced annual results for the year ended 31 December 2024.

Period Under Review

The Group’s revenue for the year amounted to HK$423 million, representing an increase of 12.9% when compared with the previous year. This was mainly attributable to the increase of revenue from ferry, shipyard as well as healthcare, medical aesthetic and beauty services. During the year under review, the Group’s underlying profit for the year ended 31 December 2024 was HK$158 million, representing an increase of approximately 10% from the same period last year. Taking into account the fair value change of the investment properties, consolidated profit after taxation for the year under review decreased by approximately 14% to approximately HK$160 million as compared with the same period of 2023. During the year under review, the Group’s operating profit was mainly derived from the rental income from shops and commercial arcades as well as interest income from banks. The Group had no borrowings.

The Board of Directors has recommended the payment of a final dividend for the year ended 31 December 2024 of HK15 cents per share (2023: final dividend of HK15 cents per share) subject to shareholders’ approval at the upcoming annual general meeting. The final dividend, together with the interim dividend of HK10 cents per share already paid, will make a total distribution of HK25 cents for the full year.

Property Development and Investment Operations

In 2024, the rental income arising from the commercial arcades of the Group amounted to approximately HK$125 million. As at 31 December 2024, the commercial arcades of The Spectacle and Metro6 were fully let. The occupancy rate of the commercial arcade of Shining Heights, Metro Harbour Plaza and Green Code Plaza was 95%, 93% and 86% respectively.

The Royale (8 Castle Peak Road - Castle Peak Bay, Tuen Mun) Joint Venture Development Project

The Group has already delivered to buyers the 1,748 residential units sold. Some of the residential units are arranged for lease to increase the Group's revenue.

The Symphonie (280 Tung Chau Street, Cheung Sha Wan) Redevelopment Project

The Group’s redevelopment project “The Symphonie” in Cheung Sha Wan, with a residential gross floor area of about 100,698 square feet, provides 262 residential units. Due to the improvement in the rental market in Hong Kong, rental yields have increased. On 12 March 2025, a wholly-owned subsidiary of the Company entered into a legally binding memorandum of understanding (“MOU”) with a prominent non-profit making organisation (the “Intending Tenant”) in relation to the leasing of all 262 residential units in the two towers of The Symphonie at Tung Chau Street to the Intending Tenant for a medium-term tenure at market rental with expected rent commencement date in the first half of this year. The transactions contemplated under the MOU are conditional upon the obtaining of the approval from the Urban Renewal Authority as the grantee of the government lease.

Ferry, Shipyard and Related Operations

During the year under review, the Ferry, Shipyard and Related Operations recorded a deficit of HK$8 million, an increase of 4% as compared to the year 2023. The Group has applied to the Transport Department for a fare increase for the “North Point - Kwun Tong” dangerous goods vehicular ferry service, and believes that the overall operation loss will be alleviated. With the opening of the western section of the East Coast Boardwalk in North Point, the Group will discuss with the Hong Kong Government the optimisation of the North Point Pier facilities in order to provide a better experience for passengers of the Harbour Cruise - Bauhinia and citizens using the North Point harbourfront.

Healthcare, Medical Aesthetic and Beauty Services

The number of customers of the “AMOUR” medical aesthetic clinic located at Mira Place, Tsim Sha Tsui, with a floor area of about 12,000 square feet, has increased continuously since its opening. The turnover for the year ended 31 December 2024 was HK$32 million, an increase of 138% compared with the same period last year. As at 31 December 2024, HK$15 million was recorded as payments received for prepaid packages, which in accordance with standard accounting practices had not been included in the income statement of the year under review. On the occasion of its second anniversary, the “AMOUR” medical aesthetic clinic will expand its business, increasing the usable area of the clinic to provide clients with higher quality medical aesthetic services.

The Group is currently providing specialised services in cardiology, surgery, orthopedics, plastic surgery, rheumatology and urology under the brand “Total HealthCare Specialists Centre” at H Zentre in Tsim Sha Tsui. The performance has been steadily on the rise and net profits have continued to be recorded during the year under review. The Group also discusses with specialist doctors, specialist clinics, and medical equipment and product suppliers for cooperation from time to time to seek expansion in the medical specialties business.

The Group’s pain treatment businesses at Mira Place, Tsim Sha Tsui and Metro Harbour Plaza, Tai Kok Tsui respectively are gradually getting on track. The Hong Kong Government is actively promoting public health, and its reform measures for the medical system are increasingly focused on disease prevention. In view of this, the Group has introduced advanced medical equipment in conjunction with professional registered chiropractors and sports therapists, to provide personalised treatment plans for pain-suffering patients, which helps improve the health of customers.

Prospects

It is expected that the income from rental properties, together with bank interest income, will continue to be the major sources of revenue of the Group in the year 2025. The Group will adopt a flexible leasing policy to retain existing tenants and attract new ones. As deposit interest rates are at a relatively high level, the Group holds ample cash on hand with no borrowings and is able to maintain stable operations, waiting for new investment opportunities.

PASSING OF DR. THE HONOURABLE LEE SHAU KEE

Dr. the Honourable Lee Shau Kee passed away on 17 March 2025. Dr. Lee served as a Director of the Company during the period 1981–2020 and pioneered in the development of the property business, laying a solid foundation. The Board would like to express its deepest condolences on his passing.

For more details, please refer to the 2024 annual results announcement on the Company website at www.hkf.com and the HKEX News website at www.hkexnews.hk.

-End-

About Hong Kong Ferry (Holdings) Company Limited

Established in 1923, Hong Kong Ferry (Holdings) Company Limited is engaged in property development and investment, ferry business, medical, aesthetic, specialist healthcare services and pain management, and is committed to providing the most professional, safe, and effective services.

For further information, please contact:

Karen Chui / Josephine Wu

Tel: (852) 2159 7719 / 2159 7714

Fax: (852) 3568 8941

Email: ir@hkf.com