Net profit for Hong Kong’s rail operator more than doubled to HK$15.87 billion (US$2 billion) in the first half of 2026, up from HK$7.70 billion a year earlier, as strong gains from property development offset largely flat performance in its rail and commercial operations.
The MTR Corporation reported a 120.7 per cent year-on-year increase in property-development profit, bringing it to HK$12.23 billion, driven mainly by projects at Tai Wai station and The Southside “Package 5” in Wong Chuk Hang.
The MTR Corp said it would earmark “much of the profit” for asset replacement and maintenance, as well as the development of new railway projects.
Despite the bumper profit, the interim dividend remained unchanged at 42 HK cents.
Profit from recurring operations, including rail and station-commercial businesses, edged up by 1.3 per cent year on year to HK$3.43 billion in the first half, driven by higher contributions from mainland China and overseas markets.
Revenue fell 4.1 per cent year on year to HK$26.23 billion during the six months.
Revenue from transport operations in Hong Kong accounted for nearly half of total revenue, rising slightly to HK$11.85 billion in the first half from HK$11.50 billion in the same period a year earlier.
Its station commercial business was largely flat at HK$2.61 billion in the first six months of 2026, compared with HK$2.62 billion a year ago.
Revenue from China and international railway, property rental and management subsidiaries dropped by 13.13 per cent to HK$8.84 billion in the first half year on year.
Back in Hong Kong, the MTR Corp is working towards meeting a HK$140 billion capital investment commitment for seven rail projects in Tuen Mun, Lantau Island and the Northern Metropolis over the coming years.
To improve connectivity in the Northern Metropolis, the firm signed a project agreement in July last year for phase one of its Northern Link project.
The project is expected to be completed by 2034 and will include a main line and a spur line that connects to the Huanggang border checkpoint.
The MTR Corp also topped out its 100th station last year, the Kwu Tung stop on the East Rail line, which is scheduled to be completed next year.
To fund a series of new railway projects in the city, the company also raised HK$57.34 billion through bond sales so far this year.
As of December 31 last year, it also had nine housing projects under development, with the sites expected to provide about 8,000 homes.
