Hong Kong Ferry announces FY2023 annual results Increase in revenue for FY2023 Sales on completed existing units of The Symphonie

EQS Newswire / 22/03/2024 / 10:03 UTC+8


Hong Kong Ferry announces FY2023 annual results

Increase in revenue for FY2023

Sales on completed existing units of The Symphonie


Highlights of financial results

  1. The Group’s revenue for the year ended 31 December 2023 amounted to HK$375 million, up by 33.5% as compared to last year.
  2. Consolidated profit after taxation for FY2023 amounted to HK$186 million, down by approximately 86% as compared to last year.
  3. Earnings per share amounted to HK$0.53.
  4. The Board of Directors recommended a final dividend of HK15 cents per share.


22 March 2024, 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 2023.



Period Under Review


During the year under review, the Group’s consolidated profit after taxation for the year ended 31 December 2023 decreased by approximately 86% to approximately HK$186 million as compared with the same period of 2022. The decrease in profit was mainly due to the revenue from the sale of the residential units under the joint venture development project known as “The Royale” being recognised by the Group in 2022. The revenue and operating profit for the year were mainly derived from the rental income from shops and commercial arcades as well as interest income from banks.


The Board of Directors has recommended the payment of a final dividend for the year ended 31 December 2023 of HK15 cents per share (2022: final dividend and special dividend of HK15 cents per share and HK$1.00 per share respectively) 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 2023, the rental income arising from the commercial arcades of the Group amounted to approximately HK$122 million. As at 31 December 2023, the commercial arcades of Shining Heights and Metro6 were fully let. The occupancy rate of the commercial arcade of The Spectacle, Metro Harbour Plaza and Green Code Plaza was 89%, 94% and 99% respectively.


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

The Group has already delivered to buyers the 1,746 residential units sold. The remaining 35 residential units and parking spaces will be offered for sale in batches successively.


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

The Group’s urban redevelopment project “The Symphonie” in Cheung Sha Wan provides a residential gross floor area of about 100,698 square feet with 262 residential units. The superstructure works were completed and the certificate of compliance was issued in November 2023. The interior fitting-out works have almost been finished. Preparations for strata sale will soon be in place.


Ferry, Shipyard and Related Operations

During the year under review, the Ferry, Shipyard and Related Operations recorded a deficit of HK$7.6 million, an increase of HK$2.2 million as compared to the year 2022. The increase in fare for operating the “North Point – Kwun Tong” dangerous goods vehicular ferry service was approved by the Transport Department on 28 January 2024. It is expected that the operation loss will be alleviated.


Healthcare, Medical Aesthetic and Beauty Services

Our “AMOUR” medical aesthetic clinic located at Mira Place was opened in August 2022. The number of customers has increased continuously since the opening. In December 2023, the turnover grew by eight times compared to January of the same year. Since the medical aesthetic and beauty services businesses are still in the initial development stage, widespread market recognition takes time. Although the turnover grew significantly during the year and HK$8.1 million was recorded as payments received for prepaid packages (which has not been included in the income statement of the year under review), the medical aesthetic and beauty services businesses still incurred a loss of HK$30 million.


The Group is gradually expanding its medical specialties businesses. In addition to collaborating with ICON, an international cancer care medical group, to set up a cancer centre at H Zentre in Tsim Sha Tsui, the Group has also established in the same building the “Total HealthCare Specialists Centre”, which provides specialised services in cardiology, surgery, orthopedics, plastic surgery, rheumatology and urology. The medical specialties businesses have already achieved a net profit since the mid-year opening.


During the year under review, the Group planned to develop the pain treatment businesses. Apart from the clinic at Mira Place, Tsim Sha Tsui, a new branch located at Metro Harbour Plaza, Tai Kok Tsui will commence business in April 2024. The Group will introduce advanced medical equipment in conjunction with professional registered chiropractors and sports therapists, to design personalised treatment plans for pain-suffering patients in order to restore their bodies to a balanced and healthy state.




Due to the current strong demand in the rental market in Hong Kong, rental yield rates have increased..The 262 residential units of the “The Symphonie”, the urban redevelopment project developed by the Group, will be offered in batches for sale or held for rental purposes to generate   regular income for the Group.


Mr. Gabriel Lee, General Manager of Hong Kong Ferry, said, “The Hong Kong Ferry Group has been established for 100 years in 2023, and the Group has successfully transformed itself from a ferry and shipyard focused business into an integrated conglomerate. Looking ahead, the Group will remain committed to supporting our communities by always “Putting people first” across our diversified development, seizing each opportunity to guard the health and wellbeing in the Greater Bay Area, and strive to fulfill its responsibilities and commitments for social development and to create value for shareholders.”


For more details, please refer to the 2023 annual results announcement on the Company website at www.hkf.com and the HKEX News website at www.hkexnews.hk.




About Hong Kong Ferry (Holdings) Company Limited

Established in 1923, Hong Kong Ferry (Holdings) Company Limited in additional to its ferry business, is principally engaged in property development and investment, and to maximize the potential of its land resources, and to share synergies with Henderson Land Group. Since 2022, the Group has expanded and diversified into medical, aesthetic, healthcare services and products, 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

File: Hong Kong Ferry announces FY2023 annual results Increase in revenue for FY2023 Sales on completed existing units of The Symphonie

22/03/2024 Dissemination of a Financial Press Release, transmitted by EQS News.
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