MIDLAND HOLDING (01200) announces profit growth, with expected annual net profit attributable to equity holders changing from loss to profit on a year-on-year basis.

MIDLAND HOLDING (01200) announced that, based on a preliminary review of the unaudited comprehensive management accounts of the Group for the 11 months ended November 30, 2024, it has achieved a profit before tax of more than HK$350 million and a net profit attributable to equity holders of more than HK$300 million. Compared to the net loss attributable to equity holders of approximately HK$42 million for the year ended December 31, 2023, it is expected that the Group will achieve a net profit attributable to equity holders for the year ended December 31, 2024. The expected turnaround from a loss to a profit is mainly attributed to the significantly improved operational performance of the Group's subsidiaries "Melco Property" and "Hong Kong Properties" for the 11 months ended November 30, 2024 compared to the same period last year. This improvement is due to successfully seizing the rebound in the Hong Kong residential property market in 2024, maintaining a stable market share in Hong Kong, optimizing operational efficiency, and implementing a series of strategic measures since the last quarter of 2023, including promoting a new sales management team and implementing a series of new measures (including repositioning its business model and streamlining operations), resulting in the turnaround of the Group's business in mainland China.