CK Hutchison profit climbs 4% in H1 2022
Its profit stood at $19.08b.
CK Hutchison reported its profit grew by 4% to $19.08b in the first half of the year, despite the weakening GBP and EUR exchange rate.
“Although the Group’s results were adversely affected by serious weakening in GBP and EUR exchange rates, the Group benefitted from the high energy prices, whilst remaining relatively unaffected by interest rates hike due to our limited exposure to floating rate borrowings,” Victor T K Li, CK Hutchison Chairman, said.
The Group was also well-insulated from inflationary and business pressures due to the steady operating contributions of its infrastructure businesses.
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Over the said period, CK Hutchison saw its total revenue grow to $229.6b, up from $212.38b.
Amongst its business segments, CK Hutchison saw an increase of 14% to $22.65b in its ports and related services, and 3% to $84.9b in retail. Meanwhile, CK Infrastructure reported a net profit growth of 46% to $4.4b.
“The Group will continue to aim to achieve growth in recurring earnings and increase shareholder return while maintaining a strong financial position and ensuring disciplined execution of prudent financial, liquidity and cash flow management,” Li said.
“The Group will also continue to seek sustainable business opportunities which align with our core strategy of increasing shareholder value.”
The group announced an interim dividend of $0.84 per share, payable in September 2022.