CITIC (267) H1 2024 earnings summary

Executive summary

• Revenue rose 13% year-over-year to RMB377.6 billion for H1 2024, driven by the consolidation of Nanjing Iron & Steel and steady growth in existing businesses.

• Net profit reached RMB56.7 billion, down 1.3% YoY; profit attributable to ordinary shareholders was RMB32.1 billion, up 0.1% YoY.

• S&P upgraded the long-term issuer credit rating to A- (stable), 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

• Revenue: RMB377.6 billion (+13% YoY); net profit: RMB56.7 billion (-1.3% YoY); profit attributable to ordinary shareholders: RMB32.1 billion (+0.1% YoY).

• Basic earnings per share at RMB1.10; interim dividend per share: RMB0.19.

• Net cash used in operating activities increased 124% YoY to RMB295.98 billion.

• Capital expenditure surged 91% YoY to RMB13.54 billion.

• Total assets grew 0.9% to RMB11.43 trillion; ordinary shareholders' funds rose 4.3% to RMB733.5 billion.

Outlook and guidance

• Continued focus on comprehensive reform, risk prevention, and business structure optimisation amid global economic uncertainty.

• Emphasis on shareholder returns with a stable and sustainable dividend policy.

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

• The group is actively expanding overseas and investing in green finance and ESG initiatives.