Hong Kong – Soundwill Holdings reported a HK$2.14 billion net loss attributable to shareholders for the year ended 31 December 2025, an improvement of 14% from the HK$2.49 billion loss in 2024. The narrowing deficit mainly reflects a smaller net fair-value loss on investment properties, which fell 20% year on year to HK$2.31 billion (2024: HK$2.90 billion).
Revenue dropped 70.9% to HK$358.24 million (2024: HK$1.23 billion), driven by a 98.7% plunge in property-development sales to HK$11.27 million following the completion of major projects in 2024. Property leasing remained the core income pillar, contributing HK$322.34 million—about 90% of total revenue—and slipping a moderate 2.7% amid soft retail and office demand. Building-management and other services delivered HK$24.63 million, up 5.7% year on year.
Operating profitability before investment-property revaluations declined: profit before tax and fair-value changes fell 58.6% to HK$204 million. Group gross profit contracted to HK$321.39 million (2024: HK$701.03 million), while finance costs were trimmed 36.1% to HK$48.50 million, reflecting lower average borrowings and interest rates.
Soundwill ended 2025 with total assets of HK$15.78 billion (-12.2% YoY) and net assets of HK$13.55 billion (-13.6% YoY). The net gearing ratio edged up to 10% from 9% despite total borrowings easing to HK$1.33 billion (2024: HK$1.36 billion). Cash and short-term deposits rose 16.3% to HK$1.34 billion, supporting liquidity; average debt tenor lengthened to 2.3 years, with 58% of borrowings maturing beyond two years.
Basic loss per share improved to HK$(7.54) from HK$(8.80). Reflecting a stronger cash position, the Board proposed resuming a final dividend of HK$0.10 per share, the first payout since 2023, subject to shareholder approval at the 20 May 2026 AGM.
Operationally, flagship assets Soundwill Plaza, Soundwill Plaza II – Midtown and 10 Knutsford Terrace in core districts sustained high occupancy, cushioning leasing revenue. The iCITY digital-industry building in Kwai Chung achieved a 95% occupancy rate, with unit rents around HK$28 per square foot. The Group plans to market Phase II workshops of iCITY in 2026.
Looking ahead, management will maintain a “robust and conservative” capital strategy, prioritising liquidity, controlled gearing and selective investment in defensive asset classes such as modern industrial and warehousing projects. The Group continues to monitor opportunities arising from Hong Kong’s Northern Metropolis and Greater Bay Area initiatives while navigating subdued property-market conditions.
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