China Merchants Port Holdings Company (144) H1 2025 earnings summary

Executive summary

• Revenue rose 11.4% year-on-year to HK$6,457 million for the six months ended 30 June 2025, driven by business volume growth.

• Profit attributable to equity holders fell 19.5% year-on-year to HK$3,584 million, mainly due to lower share of profit from associates and fair value losses.

• Container throughput increased 4.3% year-on-year to 74.85 million TEUs, with overseas ports up 5.0%.

• Interim dividend maintained at HK$0.25 per share.

• Bulk cargo throughput declined 4.2% to 263 million tonnes.

Financial highlights

• EBITDA increased 9.5% year-on-year to HK$4,130 million.

• Gross profit rose to HK$3,290 million from HK$2,782 million year-on-year.

• Net cash generated from operating activities decreased 16.7% year-on-year to HK$3,539 million.

• Total assets grew 4.3% to HK$176,721 million as at 30 June 2025.

• Basic EPS was HK$0.854, down 19.5% year-on-year.

Outlook and guidance

• Global economic growth expected to moderate, with IMF projecting 3.0% growth in 2025.

• Group to focus on profitability, global network expansion, innovation, and ESG integration in the second half of 2025.

• Strategic priorities include overseas expansion, homebase port development, digitalization, and sustainability.

• Emphasis on expanding overseas presence, especially in Southeast Asia, Europe, Middle East, Latin America, and Africa.

• Outlook remains cautious amid global trade and economic uncertainties.