Hutchison Port profit jumps 85% in H1 despite HK volume decline

Net profit climbed 47% even as Kwai Tsing terminals recorded a decline.

Hutchison Port Holdings Trust (HPH Trust) reported an 85% rise in profit attributable to unitholders to $490.5m (US$62.6m) in the first half of 2026.

Despite a rise in profit, combined volume from HIT, COSCO-HIT, and ACT in Hong Kong (HPHT Kwai Tsing) fell 5% year-on-year (YoY), 

Net profit after tax climbed 47% to about $1.51b (US$192.4m) over the same period.

Combined throughput across HPH Trust's ports rose 5% YoY in H1, with Yantian International Container Terminals posting a 10% increase offsetting the Hong Kong decline.

The Chinese Mainland accounted for 83% of revenue in H1, up from 79% a year earlier, whilst Hong Kong's share fell to 17% from 21%.

Revenue and other income rose 10% to around $6.19b (US$789.7m) from about $5.65b (US$721.1m) a year earlier.

Operating profit increased 30% to around $2.76b (US$351.4m), whilst total operating expenses fell 3% to about $3.44b (US$438.3m).

The board declared an interim distribution per unit of 5.00 HK cents (US$0.64 cents), amounting to $435.6m (US$55.6m). The ex-distribution date falls on 28 July, with payment set for 18 September.

Outbound cargo volumes to the US and Europe grew 6% and 16%, respectively, over the same period.

Total consolidated debt stood at about $24.19b (US$3.08b) as at 30 June, against an approximate value of $24.30b (US$3.10b) at the end of 2025.

Net attributable debt fell to around $17.19b (US$2.19b) from approximately $17.89b (US$2.28b).

Short-term debt dropped to about $5.03b (US$641.7m) from around $8.85b (US$1.13b), whilst long-term debt rose to approximately $19.16b (US$2.44b) from about $15.46b (US$1.97b).

Total consolidated cash stood at approximately $8.64b (US$1.10b), against around $8.75b (US$1.12b) at the end of 2025.

Net assets fell to about $40.62b (US$5.18b) from around $41.36b (US$5.28b) over the same period.

Management also flagged geopolitical tensions around Iran and security concerns affecting the Suez Canal as risks to global trade flows, fuel costs, and operating efficiency.

(US$1 = HK$7.84)