Yangtze River Hutchison, the flagship conglomerate controlled by Hong Kong’s richest man Li Ka-shing, saw its net profit increase 41% in the first half of the year, due to the rebound of its retail and port business after the slowdown of epidemic restrictions in key markets.
According to a statement issued on Thursday, the group achieved a net profit of 18.3 billion Hong Kong dollars (US$2.4 billion) in the six months ended June 30, compared with 13 billion Hong Kong dollars in the same period last year. During the same period, revenue increased by 12% to HK$212.4 billion.
The group has interests in ports, retail, real estate, telecommunications and utilities. As interest rates rise, restrictions on movement are gradually relaxed, especially in its main European markets. The group’s recovery continues.
“Unless unforeseen circumstances arise, the group should be able to continue its growth trajectory and is expected to achieve strong performance throughout the year,” Victor Li, chairman of CK Hutchison Industrial and the eldest son of group founder Li, said in a statement Express. Group
‘s port and retail business performed well. In the first half of the year, the port’s total revenue increased 24% over the previous year, while retail sector sales increased 12%.
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CK limit Hutchison has been cautiously managing its finances. As of June this year, the company’s net debt / equity ratio fell from 25.6% a year ago to 19.9%, after the company received most of the proceeds from the Eurotel spin-off.
The group stated that it has completed the sale of five of the six divestments of European telecommunications towers to Cellnex Telecom and received a total of 6.3 billion euros ($ 7.4 billion) in revenue, of which 4.1 billion euros were recorded in the first half of 2021..
The sale of telecommunications towers in the UK has not yet been completed and is subject to regulatory approval.CK Hutchison will record special gains of HK$25.3 billion from tower transactions, partially offset by the HK$15.5 billion non-cash impairment of the group’s Telecom Italia business goodwill. The net profit of ‘s sister company Yangtze River Assets in the first half of the year increased by 31% year-on-year to HK$8.4 billion, reflecting the strong housing demand in Hong Kong.
The real estate developer also seeks to further diversify by acquiring European utility assets.
Elder Li, 93 years old, in 1950, 21 years old, founded Changjiang Plastics. Nicknamed Superman, he retired from the presidency of Changjiang Hutchison and Changjiang Assets in May 2018. At the time, he joked that he “has worked for too long, too long.” When Hong Kong’s 50 richest list was announced in February, Li Ka-shing’s net worth was $ 35.4 billion.