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MTR Corp. Ltd.

Company Background

Hong Kong railway company MTR carries an average of more than 5 million passengers every weekday. It operates nine main commuter lines in the city, and the Airport Express high-speed rail link that connects the city and Hong Kong International Airport. The company's automatic fare collection system, known as the Octopus, was the first smartcard system for public transport in the world. Most Hong Kong residents own Octupus cards and use them for trains, buses, trams, shopping and restaurants.

The company was established in 1975 as Mass Transit Railway. It was fully owned by the Hong Kong government at that time. In 2000, the government sold a 23% stake in the company to private investors in an IPO, and re-established itself as MTR. In 2007, MTR was merged with the Kowloon-Canton Railway, the other government-owned railway company in Hong Kong. Since the merger, the company has expanded its businesses in and outside of the region to diversify revenue sources. It now operates subway lines in Beijing, Shenzhen and Hangzhou, and train systems in the U.K. and Australia. Its consultancy business has widened to cover Asia, Australia, Europe and the Middle East.

MTR also engages in property development. It has formed joint ventures with property developers and created commercial and residential buildings near its railway systems. MTR has completed developments with a total area of more than 2 million sq. meters of commercial space and around 94,000 housing units, including International Commerce Center, one of the tallest buildings in Hong Kong.

Business Summary

MTR Corp. Ltd. engages in the management and provision of railway transit services. It operates through the following segments: Hong Kong Transport Operations; Hong Kong Station Commercial Businesses; Hong Kong Property Rental and Management Businesses; Hong Kong Property Development; Mainland of China and International Railway, Property Rental and Management Businesses; Mainland of China Property Development; and Other Businesses. The Hong Kong Transport Operations segment offers urban mass transit railway system, light rail and bus feeder, and intercity railway transport. The Hong Kong Station Commercial Businesses segment pertains to car parking spaces, telecommunications services, advertising promotions, and retail stores provided in railway stations. The Hong Kong Property Rental and Management Businesses segment includes estate management services in offices, shops, and car parks. The Hong Kong Property Development segment builds and markets locations near the railway stations. The Mainland of China and International Railway, Property Rental and Management Businesses segment engineers, operates, and maintains mass transit railway systems. The Mainland of China Property Development segment refers to the real estate property development activities. The Other Businesses segment covers the project management services and cable car operations. The company was founded in 1975 and is headquartered in Hong Kong.

Financial Highlights

Dec 2022 HKDUSD
Gross Profit2,468M315.17M
Operating income1,819M232.29M
Income before tax10,654M1,360.57M
Net income9,827M1,254.96M
Diluted EPS1.580.20
Dividends Per Share1.310.16
Total Assets327,081M41,906.86M
Total liabilities147,169M18,855.85M
Total equity179,286M22,970.80M
Operating cash flow----
Currency in HKDCurrency in USD

Historical Data

 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 53,930M 54,504M 42,541M 47,202M 47,812M
Gross Profit 14,206M 10,365M 95M 3,030M 2,468M
Operating income 11,578M 7,506M -422M 2,458M 1,819M
Income before tax 17,823M 13,726M -4,125M 10,972M 10,654M
Net income 16,008M 11,932M -4,809M 9,552M 9,827M
EBITDA 16,563M 12,743M 4,943M 7,888M 7,588M
Diluted EPS 2.63 1.94 -0.78 1.54 1.58
Dividends Per Share 1.20 1.23 1.23 1.27 1.31
Total Assets 274,687M 289,214M 290,574M 292,082M 327,081M
Total liabilities 94,068M 102,416M 113,593M 112,045M 147,169M
Total equity 180,447M 186,606M 176,788M 179,714M 179,286M
Operating cash flow 10,273M 16,359M 288M 7,099M --
 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 6,880.98M 6,956.30M 5,484.91M 6,072.68M 6,105.87M
Gross Profit 1,812.55M 1,322.87M 12.24M 389.81M 315.17M
Operating income 1,477.24M 957.98M -54.40M 316.22M 232.29M
Income before tax 2,274.05M 1,751.83M -531.84M 1,411.58M 1,360.57M
Net income 2,042.47M 1,522.87M -620.03M 1,228.89M 1,254.96M
EBITDA 2,113.28M 1,626.37M 637.31M 1,014.81M 969.03M
Diluted EPS 0.33 0.24 -0.10 0.19 0.20
Dividends Per Share 0.15 0.15 0.15 0.16 0.16
Total Assets 35,084.26M 37,117.73M 37,474.80M 37,464.18M 41,906.86M
Total liabilities 12,014.79M 13,144.07M 14,649.88M 14,371.56M 18,855.85M
Total equity 23,047.50M 23,949.02M 22,800.02M 23,051.19M 22,970.80M
Operating cash flow 1,310.74M 2,087.88M 37.13M 913.30M --

Valuation Measures

Dec 2022
Operating margin3.80%
Profit margin20.55%

Key executives

  • Chief Executive Officer & Executive Director: Chak Pui Kam
  • Operations Director: Kar Yun Lee
  • Finance Director: Leung Wah Hui
  • Chief Engineer: Stephen Hamill
  • Head-Technical: Koon Sang Wong


  • Government of Hong Kong Special Administrative Region (74.7%)
  • BlackRock Fund Advisors (0.7%)
  • The Vanguard Group, Inc. (0.6%)
  • Norges Bank Investment Management (0.3%)
  • State Street Global Advisors Asia Ltd. (0.3%)
  • Geode Capital Management LLC (0.2%)
  • BlackRock Advisors (UK) Ltd. (0.2%)
  • BNP Paribas Asset Management France SAS (0.2%)
  • APG Asset Management NV (0.1%)
  • BlackRock Investment Management (UK) Ltd. (0.1%)

Contact Details

  • Website:
  • Address: MTR Headquarters Building, Telford Plaza, Hong Kong, Hong Kong
  • Phone: +852.2993.2111

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  • MTR Corp. Ltd. Retirement Scheme
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Last Updated on 24 Mar, 2023

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