MTR (HKG:66) Full Year 2024 Results

Key Financial Results

• Revenue: HK$60.0b (up 5.3% from FY 2023).
• Net income: HK$15.8b (up 103% from FY 2023).
• Profit margin: 26% (up from 14% in FY 2023). The increase in margin was primarily driven by lower expenses.
• EPS: HK$2.54 (up from HK$1.26 in FY 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

MTR Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 7.0%.

The primary driver behind last 12 months revenue was the Mainland of China and International Affiliates - Mainland of China and International Railway, Property Rental and Management Businesses segment contributing a total revenue of HK$25.5b (42% of total revenue). Notably, cost of sales worth HK$40.3b amounted to 67% of total revenue thereby underscoring the impact on earnings. The largest operating expense was Depreciation & Amortisation (D&A) costs, amounting to HK$6.14b (155% of total expenses). Explore how 66's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Transportation industry in Asia.

Performance of the market in Hong Kong.

The company's shares are up 3.9% from a week ago.

Risk Analysis

We don't want to rain on the parade too much, but we did also find 2 warning signs for MTR (1 is potentially serious!) that you need to be mindful of.

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