China Merchants Port Holdings Company (144) H2 2024 earnings summary

Executive summary

• Container throughput reached 145.75 million TEUs, up 6.0% year-over-year; bulk cargoes handled rose 0.3% to 559 million tonnes.

• Profit attributable to equity holders increased 27.0% to HK$7,919 million; recurrent profit rose 22.6% to HK$7,550 million.

• Revenue grew 3.1% to HK$11,842 million; adjusted for Ningbo Daxie disposal, revenue rose 9.0%.

• Final dividend proposed at HK$0.636 per share, up from HK$0.48 per share last year.

• Overseas expansion included acquisition of 51% equity in NPH (Indonesia) and post-year-end agreement to acquire 70% of Vast (Brazil).

Financial highlights

• Revenue: HK$11,842 million (up 3.1% year-over-year).

• Gross profit: HK$5,496 million (up from HK$5,155 million).

• Net income attributable to equity holders: HK$7,919 million (up 27.0%).

• Basic EPS: HK$1.886 (up 23.1%).

• Net cash inflow from operating activities: HK$8,547 million (up 18.1%).

• Total assets: HK$169,474 million; total liabilities: HK$48,042 million (down 6.7%).

Outlook and guidance

• Global economy expected to grow 3.3% in 2025; global trade to rebound but with increased uncertainties.

• Group to focus on global presence, lean management, and innovative transformation, with emphasis on overseas expansion, efficiency, reform, digitalization, and green transformation.

• Dividend payout ratio target set at not less than 40% for the coming year.