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Kerry Properties’ (0683) underlying profit grew 25 percent year-on-year to HK$3.97 billion last year, thanks to the recovering residential property market.

The underlying profit comes after the deduction of the one-off non-cash provision in 2024 for certain land lots held by the company in the Kwu Tung North New Development Area, non-cash impairment provision for development properties and the non-cash change in fair value of investment properties.

With the provisions included, the developer’s net profit slumped 75 percent to HK$808 million year-on-year.

The 2024 revenue totaled HK$19.5 billion, up 49 percent from one year ago.

The property sales jumped 33 percent to HK$13.83 billion, mainly due to a recovery in Hong Kong. But contracted sales fell by 10 percent to HK$12.61 billion, largely due to the decrease in marketable resources in mainland China.

Consolidated rental income from investment properties, excluding the hotel business, dropped 2 percent year-on-year to HK$5.36 billion.

Kerry said the hotel business has recovered from the Covid-19 pandemic, though consolidated revenue shrank by 4 percent yearly to HK$2.18 billion.

Kerry maintained the final dividend at HK$0.9

Kerry Properties' underlying profit grows 25pc as HK's property market continues recovery