HPH Trust lifts FY2025 profit to HK$748m, trims DPU to 11.50 HK cents and flags refinancing-driven rate headwinds
Summary:
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Revenue and other income rose 2.6% to HK$11.86 billion in FY2025, driving a 12.9% increase in group profit to HK$2.45 billion and a 15.1% rise in profit attributable to unitholders to HK$748 million (EPU 8.59 HK cents).
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Operating profit grew 8.1% to HK$4.73 billion as higher throughput at Yantian offset softer volumes at Hong Kong terminals, while interest and finance costs fell 6.0% to HK$803 million on lower average HIBOR-based funding costs and prior loan repayments.
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Net assets attributable to unitholders slipped slightly to HK$24.90 billion, with NAV per unit edging down to HK$2.86; group net assets stood at HK$41.36 billion after reclassifying two US$500 million notes maturing in 2026 into current liabilities.
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FY2025 distribution per unit was cut to 11.50 HK cents from 12.20 HK cents, with a 2H2025 cash distribution of 6.50 HK cents per unit (HK$566.2 million) payable on or about 27 March 2026 to unitholders on record as of 13 February 2026.
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Management highlights ongoing trade pattern shifts from “China + one” strategies, new Mexico tariffs on Chinese exports, and Red Sea disruptions as key demand risks, and cautions that refinancing 2026 maturities raised at the prior low-rate cycle will increase interest expense despite 52% of debt being on fixed rates.