Pokfulam Development Co. Ltd.
HHKEX:2255.09
HKD
-0.03
(-0.59%)
Pokfulam Development Co. Ltd.
HKEX:225
(Hong Kong Exchange)
Recent
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5.09
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- Business
- Pokfulam Development Company Limited, an investment holding company listed on the Hong Kong Stock Exchange (225.HK), invests in, develops, and manages real estate properties primarily in Hong Kong; it operates through three main segments including property investment and management, trading of goods, and securities investment. The company, founded in 1970 and headquartered at 23rd Floor, Beverly House, 93-107 Lockhart Road, Wan Chai, Hong Kong, offers letting and management services for luxurious residential developments in prestigious neighborhoods such as The Cove at 3 Headland Road, Scenic Villas, Kennedy Court, and Beverly House; commercial properties including China Paint Building and Wyler Centre; and industrial buildings, generating the majority of revenue from Hong Kong rental operations that increased 1.9% year-over-year for the fiscal year ended September 30, 2024, driven by 5.9% growth in residential leasing to expatriates and talent inflows. Its trading of goods segment, through subsidiary Elephant Holdings Limited, provides digital display and signage solutions, public address systems, CCTV security systems, audio-visual systems, and high-end high fidelity audio systems to government and private end-users, accounting for about 23% of total revenue; securities investments include diversified holdings in listed securities, property funds like the TKO Fund (HK$33.0 million valuation as of September 30, 2024), Adams Street Private Income Fund LP (fully committed USD7.5 million), and Hundreds SH Fund LP (USD2 million commitment); additional operations encompass sound and audio-visual engineering, software programming, hardware configuration, and trustee/nominee services, with minor interests in Mainland China projects such as Silver Gain Plaza in Guangzhou (one-third stake, disposal tender process concluded in 2023 without completion) and residential units in Vivaldi Court, Beijing. In recent developments, the company completed a disclosable transaction for property acquisition through a wholly-owned subsidiary in February 2022 with a two-year leaseback to the vendor; announced a HK$3.56 million connected renovation contract for property exterior enhancements expected within 120 days as of late 2024; reported consolidated net operating profit of HK$57.4 million (excluding non-operating items like HK$626.5 million investment property revaluation deficit) for the year ended September 30, 2024, alongside bank borrowings of HK$374 million and a proposed total dividend of HK36 cents per share; and maintained fund investments with ongoing drawdowns, such as USD0.9 million into the Hundreds Fund, while advancing sustainability initiatives including solar energy use (9,645 kWh), renewable energy certificates (9,822 kWh), and recognitions like Silver Member of WWF-Hong Kong.