Inner Mongolia Yitai Coal ( 900948) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 was RMB 24.94 billion, down 1.48% year-over-year; net profit attributable to shareholders was RMB 3.24 billion, down 32.12% year-over-year.

• Coal production reached 25.58 million tons, coal sales 32.79 million tons, and railway coal shipments 45.31 million tons in H1 2024.

• The board proposes a cash dividend of RMB 1.00 per share, totaling RMB 2.93 billion.

• The company maintained strong cash flow from operations, with net cash inflow up 43.61% year-over-year.

Financial highlights

• Operating income: RMB 24.94 billion, down 1.48% year-over-year.

• Net profit attributable to shareholders: RMB 3.24 billion, down 32.12% year-over-year.

• Basic EPS: RMB 1.10, down 25.17% year-over-year.

• Net cash from operating activities: RMB 6.35 billion, up 43.61% year-over-year.

• Gross margin for main business: 32.60%.

Outlook and guidance

• Domestic coal supply and demand expected to remain generally balanced in H2 2024, with coal prices likely to fluctuate within a range.

• Demand-side support may improve in H2, but high inventories and flexible production capacity limit price surges.

• The company will continue to focus on cost control, efficiency, and green transformation.