Swire Pacific Ltd A (SWRAF) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hope you enjoyed the video. May I now invite Guy, Martin and Adrian to please take us through the details of the interim results of 2024. Good evening and thank you for joining us. I see these interim results as a very solid set of results, especially when one considers the challenging operating environment that we've all been working under for the last six months and not notwithstanding, of course, the impacts on the comparisons from the disposal of Swire Coca-Cola USA in the second half of 2023. The Aviation Division was the main driver for our underlying profit performance with continued robust demand for travel and their confidence in the future of that sector was demonstrated when they announced yesterday a commitment of 100 billion Hong Kong dollars in investments over the next seven years. So I think it's a tremendously strong statement of confidence from Cathay Pacific. Talking of 100 billion dollars investment plans, on the property side, you probably just heard if you're in the property briefing that in terms of their commitment to 100 billion dollars over 10 years, We've now achieved a 65% commitment rate on that scale, which I think, again, is an incredible testament to the pace at which the Swire Properties has been investing in both Hong Kong, Southeast Asia, and the Chinese mainland. I'll give you some details about some of those investments in a later slide. But moving on to beverages, we were very excited in February this year to – take a 39% interest in the share capital of the Thai Nantip Beverage Corporation Limited, which is essentially the Thailand franchise for Coca-Cola and the Laos franchise. And we have a conditional agreement to move that stake up to majority in phases. So some good highlights, I think, for the first six months. So all that...