Hong Kong MTR Corp’s profit doubles to HK$15.77 billion driven by ridership, property

Hong Kong rail giant the MTR Corporation’s net profit doubled to HK$15.77 billion (US$2.03 billion) for 2024, from HK$7.78 billion the previous year, marking its best performance in six years, driven by robust contributions from property development and strong demand for local and cross-border train services.

It marked the firm’s strongest result since 2018 when it pulled in HK$16 billion. The corporation recorded a property profit of HK$10.26 billion last year, up from HK$2.08 billion in 2023, with income generated from projects in Tseung Kwan O, Ho Man Tin station and Wong Chuk Hang.

But the corporation warned that most of the profits would be committed to fund future projects.

“While our operating results were satisfactory in 2024, much of these profits will be committed to the substantial funding required for the upgrading and renewal of existing lines as well as planning and constructing new railway projects,” CEO Jacob Kam Chak-pui said on Thursday.

Kam said the MTR would continue to focus on financial prudence through cost management, optimising funding arrangements and to maintain a strong balance sheet.

He said spending between 2025 and 2027 would be about HK$90.8 billion, mostly on maintenance work for existing railways, and new rail projects. The spending would also include property investment and development in Hong Kong, mainland China and overseas.