CK Hutchison Holdings Ltd. reported lower-than-expected profit last year, as the conglomerate founded by billionaire Li Ka-shing struggled with geopolitical tensions and weaker consumer demand amid multiple headwinds.

The group reported HK$17.1 billion ($2.2 billion) in net income for 2024, missing analyst expectations for HK$22.5 billion, according to a statement Thursday. Revenue came in at HK$476.7 billion, compared with HK$462 billion a year earlier. It announced a full-year dividend of HK$2.2 per share, compared with HK$2.53 per share a year before.

CK Hutchison, now led by Li’s son Victor Li, has been caught in the crosshairs of increasing tensions between the US and China since it announced an agreement to sell 43 ports — including two in Panama — to a consortium led by BlackRock Inc. While the conglomerate is set to make $19 billion in cash proceeds from the deal, the agreement has enraged Beijing after President Donald Trump touted it as reclaiming the Panama canal.

Several Chinese state agencies are studying the deal for any potential security breaches or antitrust violations, Bloomberg reported earlier this week. It’s unclear what levers China can pull to block the deal, given that it involves CK Hutchison’s overseas assets. The group has kept all of its ports in Hong Kong and mainland China.