Swire Properties profit soars over 90% to $1.98b in H1

This is up from $1.02b in the same period last year.

Swire Properties Limited reported an attributable profit of $1.98b in the first half of the year, up 93% compared to $1.02b in the same period in 2020.

The company noted its attributable underlying profit rose 20% to $4.51b over the same period from $3.75, which was driven by the sale of car parking spaces in Hong Kong.

“Our fundamentals remain strong and our business continues on a sound financial footing. Our successful placemaking strategy continues to underpin everything we do,” Swire Properties Chairman Merlin Swire said.

“We are sharply focused on growing our portfolio, and the initiatives taken over the past few years have paved the way for future growth.”

Swire Properties’ office portfolio in Hong Kong remained resilient, despite the weak market, with high occupancies and stable rents.

Meanwhile, Swire Properties’ Chinese Mainland malls delivered excellent results, with strong growth in retail sales, occupancy, and high footfall, reflecting strong local demand.

The company recorded an impressive 38% year-on-year increase in attributable gross rental income generated by its Chinese Mainland malls in the first half of the year.

Moreover, in Hong Kong, 26 out of 37 units in the EIGHT STAR STREET development were sold; whilst all units in the EDEN development in Singapore were sold.

Results from the Company’s Swire Hotels arm also improved, which was attributed to better performances in the Chinese Mainland and the US

The board declared a first interim dividend of HK$0.31 per share, representing a 3% increase from the first interim dividend paid in 2020.