The railway firm posted a full-year profit of HK$15.77 billion, up from HK$7.78 billion in 2023.
Total revenue rose 5.3 percent to HK$60 billion, compared with HK$56 billion the year before.
Local property development fared especially well, with net profit up nearly four times to HK$10.26 billion.
The gains were mainly due to earnings from sites at LOHAS Park, Ho Man Tin Station and The Southside in Wong Chuk Hang, the MTR said.
It added it is considering possible tenders of Package 2 of Tung Chung East Station and Tuen Mun A16 Station Package 1 in the coming 12 months, but noted that any decisions will depend on market conditions.
Losses in its mainland property business, meanwhile, narrowed to HK$3 million.
The company also said patronage continued to recover, with passenger numbers of its domestic operations reaching 1.95 billion in 2024, close to pre-pandemic levels.
Ridership rose for the high-speed rail link as well, with more than 26.7 million journeys recorded.
Commenting on the MTR’s annual results, Jacob Kam, the group’s chief executive officer, noted that last year’s performance was boosted by the notable recovery in property development under the “Rail plus Property” business model.
“While the company’s operating results were satisfactory during the year under review, it is important to reiterate that much of these profits will be committed to the substantial funding required for the upgrading and renewal of existing lines as well as planning and constructing new railway projects,” he said in a statement.
“We also must keep adapting to the new realities of consumer behaviour in the post-pandemic era, particularly the established trends of Hong Kong people travelling north for weekends and holidays and mainland Chinese tourists spending less time in local retail outlets.”
The company declared a final dividend of HK$0.89 per share, raising the full-year total to HK$1.31.
