NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 42 OPERATING SEGMENTS Information reported to the Board of Directors for the purposes of resource allocation and assessment of segment performances is specifically focused on the functionality of services provided. The following summary describes the operations in each of the Group’s reportable segments: • Property development – develops and purchases properties for sale • Hotel operations – owns and manages hotels • Investment properties – develops and purchases investment properties for lease Others comprises mainly investment in shares, management and consultancy services, and provision of laundry services. None of these segments meet any of the quantitative thresholds for determining reportable segments in 2024 and 2023. Information regarding the results of each reportable segment is included below. Performance is measured based on segment profit before tax, as included in the internal management reports that are reviewed by the Board of Directors. Segment profit is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries. Information about reportable segments Property development Hotel operations Investment properties Total Others Total $’000 $’000 $’000 $’000 $’000 $’000 2024 Total revenue (including inter-segment revenue) 939,438 1,622,391 510,686 3,072,515 254,500 3,327,015 Inter-segment revenue – (276) (11,041) (11,317) (44,501) (55,818) External revenue 939,438 1,622,115^ 499,645 3,061,198 209,999 3,271,197 Profit from operating activities 96,144 274,789 301,307 672,240 13,427 685,667 Share of after-tax profit/(loss) of associates and joint ventures 43,837 (10,505) 25,014 58,346 2,445 60,791 Finance income 61,367 92,137 13,592 167,096 19,541 186,637 Finance costs (182,835) (162,976) (193,810) (539,621) (19,449) (559,070) Net finance (costs)/income (121,468) (70,839) (180,218) (372,525) 92 (372,433) Reportable segment profit before tax 18,513 193,445 146,103 358,061 15,964 374,025 Depreciation and amortisation 4,146 116,849 141,485 262,480 14,843 277,323 ^ Hotel operations for 2024 comprise revenue and Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) attributable to hotel rooms owned by the Group of $1,137.1 million and $301.4 million respectively. ANNUAL REPORT 2024 FINANCIALS 207
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