MTR chairman appointment extended to 2024

The Hong Kong government has re-appointed Rex Au Yeung Pak-kuen as the chairman of the board of directors of MTR Corporation (MTR) for two and a half years. The re-appointment of Au Yeung will take effect from 1 January 2022 to 30 June 2024. He was first appointed as a non-executive director of the MTR Corporation on 7 March 2019, with his term of two and a half years as chairman commencing with effect from 1 July 2019. 

Commenting on his appointment, he said, “It is an honour for me to be re-appointed. I am very proud to be part of the team that has been fully dedicated to keeping Hong Kong moving during the challenges of the pandemic. I look forward to continuing to bring happy life’s journeys to the people of Hong Kong in my new term as chairman of MTR."

He added, “This is an exciting time for the corporation as part of the fabric of Hong Kong. The cross-harbour extension of the East Rail Line will be open next year, and we are embarking on new railway projects which will extend the existing railway lines to cover a wider population in Tung Chung, Tuen Mun and the Northern New Territories. The extended railway network will drive community developments in those areas and benefit the population."

MTR has been working on expansion plans. For example, the cross-harbour section of the East Rail Line can commence service as soon as June or July in 2022, making East Rail Line the fourth railway to connect Kowloon and Hong Kong Island with the cross harbour section. When it comes to its business, the number of domestic passengers continued to recover in H1 2021. It served 646.1 million in Hong Kong, increasing by 16.7% compared to H1 2020. 

In addition, MTR has made a profit of HK2.67 billion in H1 2021 thanks to Hong Kong's recovering economy and the improved situation amidst the pandemic. Its advertising revenue has increased by 61.5% thanks to the resumption of economic activities.

Jacob Kam Chak-pui, CEO of MTR, said the company installed 61 digital advertising panels in H1 2021, with 6% of the advertising panels being digital now. Its advertising revenue increased by 61.5% from HK$213 million in H1 2020 to HK$344 million in H1 2021. The improvement was mainly due to improved market sentiment following the resumption of economic activities, and relaxing of social distancing measures.

As at 30 June 2021, the total number of advertising units in stations and trains was 49,307, including new advertising panels launched along the newly opened full Tuen Ma Line. When it comes to innovation, Kam said MTR continued to digitalise its advertising formats, introducing two new iconic LED screens at Tsim Sha Tsui and Causeway Bay stations.

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