CK Infrastructure Holdings Ltd on Wednesday reported a slight increase in annual profit despite a ‘challenging’ operating environment, as acquisitions and stable regulated businesses helped offset higher interest costs.
The Hong Kong-based infrastructure investment company is part of conglomerate CK Hutchison Holdings Ltd.
The company posted a pretax profit of HK$8.67 billion, around $1.12 billion, for 2024, up 1.1% from HK$8.58 billion a year earlier, while turnover rose 1.0% to HK$38.99 billion from HK$38.58 billion.
The board declared a final dividend of HK$1.86 per share, up from HK$1.85, bringing the total dividend for the year to HK$2.58 per share, a 0.8% increase from HK$22.56. CK Infrastructure said this marks the company’s 28th consecutive year of dividend growth since its listing in 1996.
Chair Victor Li acknowledged a ‘challenging macro landscape’ in 2024, citing global economic uncertainty, geopolitical tensions, and persistent interest rate pressures. However, he said CK Infrastructure and its strategic partners remain in a ‘very strong position’ to pursue growth opportunities.
The company noted a ‘strong’ operational performance across its portfolio, with UK assets contributing HK$3.98 billion in profit, up 31%.
CK Infrastructure said it is in a ‘solid’ financial position, with HK$8 billion in cash and a net debt-to-total capital ratio of 7.8%.
Shares in CK Infrastructure were up 0.8% at 511.60 pence in London on Wednesday afternoon.
At the beginning of March, it was reported by Bloomberg that CK Infrastructure was considering a bid for UK waste management firm Viridor Ltd. Viridor, currently owned by US private equity firm KKR & Co Inc, was acquired in 2020 for £4.2 billion, and its potential sale is expected to value the company at up to £7 billion.
In February, it was also reported that CK Infrastructure submitted an initial £7 billion bid for a majority stake in Thames Water, the heavily-indebted Reading-based water supplier.
No updates on either acquisition have been provided by CK Infrastructure since they were first reported.
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