China National Building Material Company (3323) Q3 2024 earnings summary

Executive summary

• Total operating revenue for the Group was RMB134.2 billion for the nine months ended 30 September 2024, down from RMB159.6 billion year-over-year.

• Net profit attributable to owners was RMB1.91 billion, a significant decrease from RMB6.42 billion for the same period last year.

• Cash and bank balances increased to RMB27.4 billion as of 30 September 2024, up from RMB10.1 billion at year-end 2023.

Financial highlights

• Operating costs decreased to RMB109.2 billion from RMB129.3 billion year-over-year.

• Net cash flows from operating activities were RMB7.58 billion, down from RMB14.5 billion year-over-year.

• Net cash flows from investing activities were negative RMB10.25 billion, compared to negative RMB12.08 billion last year.

• Net cash flows from financing activities were negative RMB1.33 billion, compared to positive RMB1.22 billion last year.

• Cash and cash equivalents at period end were RMB23.8 billion, down from RMB30.5 billion at the end of Q3 2023.

Capital allocation and financing

• Issued two tranches of super short-term commercial paper totaling RMB2.5 billion and one tranche of medium-term debenture of RMB1.5 billion in 2024.

• Issued three tranches of corporate bonds totaling RMB3.5 billion and a fourth tranche of RMB1 billion, with maturities ranging from two to five years and coupon rates between 2.05% and 2.30%.

• Total liabilities increased to RMB311.0 billion as of 30 September 2024, up from RMB295.3 billion at year-end 2023.