Guangzhou Baiyun International Airport Company (600004) H2 2024 earnings summary

Executive summary

• Achieved record passenger throughput of 76.37 million and cargo/mail volume of 2.38 million tons, up 21% and 17% year-over-year, respectively, with net profit attributable to shareholders rising 109.51% to RMB 925.85 million compared to 2023.

• Operating income increased 15.44% year-over-year to RMB 7.42 billion, driven by strong recovery in aviation and non-aviation business segments.

• Cost structure optimization led to cost growth significantly lagging revenue growth, improving profitability and cash flow.

• Maintained industry-leading safety record, with the 32nd consecutive safe year and zero major incidents.

Financial highlights

• Revenue: RMB 7.42 billion, up 15.44% year-over-year; net profit attributable to shareholders: RMB 925.85 million, up 109.51%.

• Operating cash flow: RMB 3.41 billion, up 44.52% year-over-year.

• Basic and diluted EPS: RMB 0.39, up 105.26% year-over-year.

• Gross margin for aviation services: 27.05%, up 5.92 percentage points year-over-year.

• Proposed cash dividend: RMB 1.57 per 10 shares, totaling RMB 371.57 million (40.13% payout ratio).

Outlook and guidance

• Strategic focus on building a world-class international aviation hub by 2025, targeting further improvements in safety, efficiency, service, and innovation.

• Continued investment in infrastructure, digitalization, and green initiatives to support long-term growth.

• Management highlights risks from macroeconomic fluctuations, policy changes, intensified regional competition, and short-term performance volatility due to new asset depreciation.