Guangzhou Baiyun International Airport Company (600004) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached RMB 3.46 billion, up 19.72% year-over-year, with net profit attributable to shareholders at RMB 437.79 million, a 177.04% increase year-over-year.

• Passenger throughput rose 26.67% to 36.65 million, and aircraft movements increased 15.17% to 248,361 compared to H1 2023.

• Cash flow from operating activities nearly doubled to RMB 1.97 billion, reflecting robust business recovery.

• The company maintained its position as a leading international aviation hub, with significant expansion in international routes and service innovation.

Financial highlights

• Operating income: RMB 3.46 billion, up 19.72% year-over-year; operating cost: RMB 2.51 billion, up 7.44%.

• Net profit attributable to shareholders: RMB 437.79 million, up 177.04% year-over-year; basic EPS: RMB 0.18, up 157.14%.

• Cash flow from operating activities: RMB 1.97 billion, up 94.88% year-over-year.

• Gross margin improved due to higher revenue growth relative to costs.

• Non-recurring profit: RMB 12.72 million, mainly from government subsidies and investment income.

Outlook and guidance

• The company is focused on expanding international routes, enhancing service quality, and advancing major infrastructure projects.

• Risks from macroeconomic uncertainty, policy changes, and intensified competition from neighboring airports and high-speed rail are highlighted.