Sun Hung Kai Corporation (00086) announced its annual results for the year ended December 31, 2023, with a total Group revenue of 39...
According to the Zhitong Finance App, Sun Hung Kai Company (00086) announced results for the year ended December 31, 2023, with total group revenue of HK$3,998 million; loss attributable to shareholders of HK$471 million, a year-on-year reduction of 69.29%; basic loss per share of HK24.1 cents; proposed a second interim dividend of HK14 cents per share.
Throughout the year, the company continued to enhance the liquidity of various business segments, take steps to manage the company's loan accounts, and expand the company's organizational structure and skills. The company's consumer finance business successfully launched a SIM (Simple Instant Money) credit card. As valuations stabilized, the company's investment management segment also made significant progress in narrowing losses. Furthermore, the company is pleased to report that the company's fund management business has also achieved profit and loss balance and further expanded the scale of asset management from external investors, which is an important milestone in the company's fund management business.
Despite the challenging funding environment, the company's fund management business showed resilience, and the asset management scale of the company's funds and fund partners reached nearly $1 billion at the end of the year. Third-party assets are over $600 million, and net inflows for the year are over $150 million. The company's multi-family office platform “Family Office Solutions” has seen encouraging developments. Using the Group's extensive relationships and leveraging Sun Hung Kai's resources of various types of credit, open market and private equity opportunities accumulated over 55 years of operating history, the Family Office Solution was able to connect with family offices and high-net-worth individuals pursuing similar investment strategies and time frames with the same company.
In an environment of high interest rates, the company continues to prioritize capital efficiency, carefully allocate capital, and actively reduce leverage. In 2023, the company took the opportunity to continue to repurchase medium-term notes with a total principal amount of $59.5 million, bringing the total amount of medium-term note repurchases since 2022 to $119 million. The company also repurchased 2.2 million shares this year at a total net cost of HK$5.9 million. The company plans to continue to repurchase shares as usual.