CITIC (267) H1 2024 earnings summary

Executive summary

• Revenue rose 13% year-over-year to RMB377.6 billion for H1 2024, with net profit at RMB56.7 billion, down 1.3% year-over-year, and profit attributable to ordinary shareholders at RMB32.1 billion, up 0.1% year-over-year.

• S&P upgraded the long-term issuer credit rating to A- (stable outlook), the highest since 2016.

• Interim dividend increased to RMB0.19 per share, totaling RMB5.53 billion.

• Directors and management purchased over HK$80 million in shares, demonstrating confidence.

Financial highlights

• Basic earnings per share remained at RMB1.10; diluted EPS at RMB1.09.

• Net cash used in operating activities increased 124% year-over-year to RMB295.98 billion.

• Capital expenditure surged 91% year-over-year to RMB13.54 billion.

• Total assets grew 0.9% to RMB11.43 trillion.

• Net interest income declined 2.1% to RMB74.1 billion; net fee and commission income fell 16% to RMB29.0 billion.

Outlook and guidance

• The group will continue to drive high-quality development, deepen reforms, and focus on risk management and technological innovation.

• Ongoing complexity and challenges are expected in H2 2024, with a focus on structural adjustment and value creation.