China State Construction Engineering (601668) H1 2024 earnings summary

Executive summary

• Achieved revenue of RMB 1,144.6 billion, up 2.8% year-over-year for the first half of 2024.

• Net profit attributable to shareholders reached RMB 29.45 billion, up 1.6% year-over-year.

• New contract value signed was RMB 2.48 trillion, a 10.0% increase year-over-year.

• Maintained top global rankings in construction and engineering, with continued high credit ratings from major agencies.

Financial highlights

• Operating income: RMB 1,144.6 billion, up 2.8% year-over-year.

• Net profit attributable to shareholders: RMB 29.45 billion, up 1.6% year-over-year.

• Basic EPS: RMB 0.71, up 1.4% year-over-year.

• Gross margin: 9.4%, down 0.2 percentage points year-over-year.

• Operating cash flow: net outflow of RMB 10.56 billion, compared to net outflow of RMB 6.29 billion in the prior year.

• Total assets: RMB 3,198.0 billion, up from RMB 2,903.3 billion at year-end 2023.

Outlook and guidance

• Management expects continued stable growth, focusing on high-quality development and risk control.

• Will continue to strengthen market expansion, innovation, and digital transformation.