Sun Hung Kai & Co. profit surges by 287% to $2.7b

This is thanks to significant gains in investment management amongst others.

Sun Hung Kai & Co. Limited reported its profit increased by 287% to $2.69b in the first half of the year, up from $695.2m in 2020.

This was driven by significant gains in investment management, as well as a strong recovery in consumer finance.

“The results for the first half of 2021 represented a very strong performance, despite continued volatility in the global financial market, prolonged impact from COVID-19 and a changing regulatory environment,” Lee Seng Huang, the group's executive chairman, said.

“Throughout this challenging period, the group's financial position remained strong and liquid; and we continued to focus on appropriately containing risk and positioning the business for expansion opportunities."

Over the same period, revenue amounted to $2.09b, of which $1.97b were from interest income from its financing business.

The group’s investment management segment also contributed $2.31b, up 430% from $436.3m in 2020; whilst its consumer finance business, conducted through the United Asia Finance Limited, generated some $871.9m.

The board declared an interim dividend of HK12 cents per share for the six months ended 30 June 2021, which remained the same level as the first half of 2020. 

"The strong performance of our investment management business and establishment of the funds management platform have demonstrated our commitment and execution ability as we continue with our transformation into the leading alternative investment platform in Hong Kong,” Lee said.

“The group is committed to delivering sustainable risk-adjusted returns over the long term with sound governance and risk controls through all market conditions."