【66 Earnings】MTR Corporation earned 6.9% less last year, maintaining final dividend of HK$0.89　Full year payout HK$1.31, dividend yield 3.8%

MTR Corporation (00066)
Announced its 2025 financial results, with total revenue of HKD 55.465 billion, down 7.6% year-on-year; recurring operating profit of HKD 5.653 billion, down 21.6% year-on-year; property development profit of HKD 11.084 billion, up 8% year-on-year; net profit of HKD 14.677 billion, down 6.9% year-on-year; earnings per share of HKD 2.36.

MTR maintains a final dividend of HKD 0.89 per share, bringing the total annual dividend to HKD 1.31 per share, the same as 2024. Based on Thursday’s (March 12) closing price of HKD 34.6, the dividend yield is 3.79%.

MTR expects that the macroeconomic environment will remain challenging, but recent economic improvements and a rebound in the property market suggest that MTR may experience a more stable operating environment.

Last year, MTR issued HKD 3 billion in senior unsecured bonds, HKD 3 billion in subordinated perpetual capital securities, and in 2026, will issue HKD 2 billion in Australian dollar green bonds. In 2025, it signed a HKD 30 billion seven-year green syndicated loan. MTR stated that it will closely monitor geopolitical developments and inflation, seek additional funding sources for capital projects, and maintain prudent financial management.

MTR expects that property development profits from Phase 13 of “Sunrise City,” Phase 6 of “South Island,” and the ventilation building project in Yau Tong will be recognized, along with continued recognition from property development profits at the Ma On Shan Station project, Phase 5 of “South Island,” and Phase 12 of “Sunrise City.”

MTR stated that, depending on market conditions, it anticipates tendering for the second phase of the Kam Sheung Road Station and the second phase of Tuen Mun Area 16 Station in approximately the next 12 months.