CK Infrastructure earnings edge up in 2024 amid "challenging" market

(Alliance News) - CK Infrastructure Holdings Ltd on Wednesday reported a slight increase in annual profit despite a "challenging" operating environment, as acquisitions and stable regulated businesses helped offset higher interest costs.

The Hong Kong-based infrastructure investment company is part of conglomerate CK Hutchison Holdings Ltd.

The company posted a pretax profit of HKD8.67 billion, around USD1.12 billion, for 2024, up 1.1% from HKD8.58 billion a year earlier, while turnover rose 1.0% to HKD38.99 billion from HKD38.58 billion.

The board declared a final dividend of HKD1.86 per share, up from HKD1.85, bringing the total dividend for the year to HKD2.58 per share, a 0.8% increase from HKD22.56. CK Infrastructure said this marks the company's 28th consecutive year of dividend growth since its listing in 1996.

Chair Victor Li acknowledged a "challenging macro landscape" in 2024, citing global economic uncertainty, geopolitical tensions, and persistent interest rate pressures. However, he said CK Infrastructure and its strategic partners remain in a "very strong position" to pursue growth opportunities.

The company noted a "strong" operational performance across its portfolio, with UK assets contributing HKD3.98 billion in profit, up 31%.

CK Infrastructure said it is in a "solid" financial position, with HKD8 billion in cash and a net debt-to-total capital ratio of 7.8%.

Shares in CK Infrastructure were up 0.8% at 511.60 pence in London on Wednesday afternoon.

At the beginning of March, it was reported by Bloomberg that CK Infrastructure was considering a bid for UK waste management firm Viridor Ltd. Viridor, currently owned by US private equity firm KKR & Co Inc, was acquired in 2020 for GBP4.2 billion, and its potential sale is expected to value the company at up to GBP7 billion.

In February, it was also reported that CK Infrastructure submitted an initial GBP7 billion bid for a majority stake in Thames Water, the heavily-indebted Reading-based water supplier.

No updates on either acquisition have been provided by CK Infrastructure since they were first reported.

By Eva Castanedo, Alliance News reporter

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