Hong Kong’s MTR Corp back on track as profit doubles to HK$15.8 billion
But CEO Jacob Kam warns most of the profits will be reinvested into future projects
Hong Kong rail giant the MTR Corporation’s net profit doubled to HK$15.8 billion (US$2 billion) last year from HK$7.8 billion in 2023, driven by robust contributions from property development and strong demand for local and cross-border train services.
It marked the firm’s strongest result since 2018 when it pulled in HK$16 billion. The corporation recorded a property profit of HK$10.3 billion last year, up from HK$2.1 billion in 2023, with income generated from projects in Tseung Kwan O, Ho Man Tin station and Wong Chuk Hang.
But the corporation warned that most of the profits would be committed to fund future projects.
“While our operating results were satisfactory in 2024, much of these profits will be committed to the substantial funding required for the upgrading and renewal of existing lines, as well as planning and constructing new railway projects,” CEO Jacob Kam Chak-pui said on Thursday.
Kam said the firm would continue to focus on financial prudence through cost management, optimising funding arrangements and maintaining a strong balance sheet.
He said spending between 2025 and 2027 would be about HK$90.8 billion, mostly on maintenance work for existing railways and new rail projects. Spending would also include property investment and development in Hong Kong, mainland China and overseas.