China Merchants Port Holdings Company (144) H1 2024 earnings summary

Executive summary

• Revenue for the first half of 2024 was HK$5,795 million, nearly flat year-on-year, but up 9.5% excluding the impact of a disposed subsidiary.

• Profit attributable to equity holders rose 32.9% year-on-year to HK$4,452 million, driven by higher fair value gains and reversal of impairment.

• Container throughput reached 71.77 million TEUs, up 7.9% year-on-year; bulk cargo throughput rose 1.7% to 274 million tonnes.

• Interim dividend declared at 25 HK cents per share, a 13.6% increase year-on-year.

• Overseas expansion included the acquisition of 51% equity in NPH, marking entry into Indonesia's and Southeast Asia's port market.

Financial highlights

• Recurrent profit increased 24.9% year-on-year to HK$4,154 million.

• Net cash generated from operating activities surged 77.4% to HK$4,251 million.

• Total assets stood at HK$170,974 million, with net assets attributable to equity holders at HK$103,467 million.

• Gross profit increased to HK$2,782 million from HK$2,610 million year-on-year.

• Net gearing ratio was 18.6% as of 30 June 2024.

Outlook and guidance

• Global economic growth for 2024 is forecast at 3.2%, with global trade volume expected to rise 3.1%.

• The group will focus on lean operations, innovation, digitalization, and global expansion, especially in Southeast Asia and South Asia.

• Continued emphasis on ESG integration and high-quality development amid external uncertainties.