Swire Pacific Ltd A (SWRAF) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

2024 Annual Results Analyst Briefing. Joining us at the briefing today are Mr. Guy Bradley, Chairman of Swire Pacific, Mr. Martin Murray, Finance Director of Swire Pacific, as well as Ms. Karen Tso, Managing Director of Swire Coca-Cola. Before we take a detailed look at our annual results for the year, we'd like to show you a short video highlighting Swire Pacific's key developments and achievements in the year. Enjoy the video. May we now invite Guy, Martin and Karen to please take us through the details of the annual results of 2024. Good evening and thank you for joining us. In terms of strategic highlights, these are a good set of results in what I would characterize as a very challenging operating environment. We've continued, in spite of that operating environment, we've continued to invest, which demonstrates our confidence in the future. That's why properties have committed 67% of their 100 billion investment plan. They've continued to invest in the Greater Bay Area. They've increased their stake in the Indigo project in Beijing. And we also, in 2024, did the successful launch of our first residential project in Shanghai. On the beverage side, we invested in the Thai bottler, the big Thai bottler, Thai Namtip, and increased our stake to just under 56% in that business in Southeast Asia. Cathay Pacific continued to repay its government debt and more to the point, committed a further $100 billion over the next seven years in refleeting to capture the third runway systems growth. Lots of good examples of confident investment which should set us up over the next seven to 10 years. In terms of numbers, the recurring underlying profit at HK$9.3 billion shows here was down 11% versus the prior year. The prior year contains the impact of the US bottler that we sold i...