Sun Hung Kai & Co posts HK$2.5b profit, UA Finance bad debts rise

Sun Hung Kai & Co (0086) said net profit in 2020 increased by 22 percent year-on-year to HK$2.55 billion.

The basic earnings per share were 128.3 HK cents. The group declared a dividend of 14 HK cents.

Revenue fell by 2.33 percent to HK$4.13 billion.

Sun Hung Kai & Co was reported to be intending to acquire the local financial company PrimeCredit Limited.

Elsy Li Chun, the group treasurer and head of corporate development, said the company continues to explore opportunities.

As a result of the coronavirus disease pandemic, bad debts at the group's UA Finance Hong Kong, increased in the first half of last year, but its performance has improved in the second half, Li said.

Chief financial executive Robert Quinlivan, said while taking a cautious attitude on the mortgage business, opportunities will be sought.