China Resources Building Materials Technology (1313) Q3 2024 earnings summary

Executive summary

• Turnover for the first nine months of 2024 declined 13.1% year-over-year to RMB 15,774.6 million, with gross profit down 14.5% to RMB 2,397.7 million.

• Profit attributable to owners fell 51.6% year-over-year to RMB 308.6 million, and basic EPS dropped to RMB 0.044.

• The cement industry in China saw a 10.7% year-over-year decrease in national cement production for 9M24.

Financial highlights

• Gross margin slightly decreased to 15.2% from 15.5% year-over-year.

• Finance costs remained stable at RMB 396.7 million, up 0.4% year-over-year.

• Net assets per share increased marginally to RMB 6.34.

• Cash and bank balances dropped 34.8% to RMB 1,698.6 million as of September 2024.

• Total assets as of 30 September 2024 were RMB 73,085.2 million, up 0.4% from year-end 2023.

Segment performance

• Cement turnover was RMB 10,115.3 million, with sales volume of 42,287,000 tons at RMB 239.2/ton.

• Concrete turnover was RMB 2,771.9 million, with sales volume of 8,293,000 m³ at RMB 334.2/m³.

• Aggregates turnover was RMB 1,677.6 million, with sales volume of 46,283,000 tons at RMB 36.2/ton.

• Cement and clinker sales volumes declined 7.3% year-over-year; concrete sales volume up 33.3%; aggregates up 70.7%.

• All major product segments saw lower average selling prices and volumes compared to the prior year.