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The Wharf (Holdings) Ltd.

Business Summary

The Wharf (Holdings) Ltd. engages in real estate development and air cargo terminal operation. It operates through the following segments: Investment Property, Development Property, Hotels, Logistics, and Investments. The Investment Property segment includes property leasing operations. The Development Property segment comprises activities relating to the acquisition, development, design, construction, sales, and marketing of the Group’s trading properties. The Hotels segment focuses on the hotel operations in the Asia Pacific region. The Logistics segment involves in the container terminal operations. The Investments segment consists of diversified portfolio of listed equity investments in Hong Kong and overseas and unlisted investments, mainly property and new economy companies. The company was founded in 1886 and is headquartered in Hong Kong.

Financial Highlights

Dec 2022 HKDUSD
Gross Profit8,126M1,037.73M
Operating income2,363M301.76M
Income before tax326M41.63M
Net income-1,705M-217.73M
Diluted EPS-0.55-0.07
Dividends Per Share0.400.05
Total Assets221,745M28,410.81M
Total liabilities66,038M8,461.04M
Total equity151,585M19,421.64M
Operating cash flow----
Currency in HKDCurrency in USD

Historical Data

 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 21,055M 16,874M 20,997M 22,378M 18,064M
Gross Profit 10,721M 9,614M 12,894M 10,560M 8,126M
Operating income 8,753M 5,449M 8,240M 5,200M 2,363M
Income before tax 8,455M 5,636M 8,289M 8,269M 326M
Net income 6,623M 3,386M 3,864M 6,019M -1,705M
EBITDA 9,396M 6,161M 8,964M 5,954M 3,080M
Diluted EPS 2.17 1.11 1.26 1.97 -0.55
Dividends Per Share 0.65 0.32 0.40 0.40 0.40
Total Assets 227,349M 242,218M 254,095M 253,700M 221,745M
Total liabilities 88,589M 95,875M 90,619M 87,323M 66,038M
Total equity 135,424M 142,874M 158,854M 162,020M 151,585M
Operating cash flow -8,091M 9,318M 10,267M 2,552M --
 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 2,686.42M 2,153.61M 2,707.19M 2,879.00M 2,306.88M
Gross Profit 1,367.90M 1,227.02M 1,662.45M 1,358.57M 1,037.73M
Operating income 1,116.80M 695.45M 1,062.40M 668.99M 301.76M
Income before tax 1,078.78M 719.31M 1,068.72M 1,063.83M 41.63M
Net income 845.03M 432.15M 498.19M 774.36M -217.73M
EBITDA 1,198.84M 786.32M 1,155.75M 766.00M 393.33M
Diluted EPS 0.27 0.14 0.16 0.25 -0.07
Dividends Per Share 0.08 0.04 0.05 0.05 0.05
Total Assets 29,038.04M 31,086.27M 32,770.17M 32,541.07M 28,410.81M
Total liabilities 11,314.98M 12,304.60M 11,686.96M 11,200.56M 8,461.04M
Total equity 17,296.96M 18,336.45M 20,487.11M 20,781.65M 19,421.64M
Operating cash flow -1,032.33M 1,189.24M 1,323.75M 328.32M --

Valuation Measures

Dec 2022
Operating margin13.08%
Profit margin-9.43%

Key executives

  • Chairman & Managing Director: Tin Hoi Ng
  • Vice Chairman & Group Chief Financial Officer: Yiu Cheung Tsui
  • Secretary & Executive Director: Chung Ying Hui


  • Wheelock & Co. Ltd. (68.4%)
  • The Vanguard Group, Inc. (0.9%)
  • Norges Bank Investment Management (0.6%)
  • Dimensional Fund Advisors LP (0.2%)
  • Eastspring Investments (Singapore) Ltd. (0.2%)
  • Third Avenue Management LLC (0.1%)
  • Foord Asset Management (Singapore) Pte Ltd. (0.1%)
  • NG TIN HOI (0.1%)
  • JPMorgan Investment Management, Inc. (0.1%)
  • Charles Schwab Investment Management, Inc. (0.0%)

Contact Details

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    Last Updated on 24 Mar, 2023

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