Jiangsu Expressway Company (177) Q3 2026 earnings summary

Executive summary

• Q3 2026 operating income rose 70.69% YoY to RMB6.103bn, but excluding construction revenue rose 1.91%; attributable net profit fell 4.47% to RMB1.350bn.

• 9M operating income increased 18.60% YoY to RMB15.396bn; excluding construction revenue, it rose 2.07%. Attributable net profit grew 0.42% to RMB3.853bn.

Financial highlights

• Q3 total profit was RMB1.830bn, down 7.01% YoY; operating profit was RMB1.812bn, down 8.45%.

• 9M operating profit reached RMB5.281bn, up 2.72% YoY; total profit was RMB5.270bn, up 3.05%.

• 9M net profit attributable to shareholders was RMB3.853bn, up 0.42%; net profit excluding non-recurring items was RMB3.810bn, up 1.65%.

• 9M operating costs rose 29.57% to RMB10.283bn, mainly reflecting higher construction costs; excluding construction cost, they increased 2.96%.

Segment performance

• Q3 toll revenue was RMB2.694bn, up 3.73% YoY; ancillary revenue fell 9.70% to RMB372m, mainly due to lower oil-product sales.

• Q3 construction revenue rose 719.63% to RMB2.808bn; electricity sales increased 4.98% to RMB180m, supported by higher offshore wind generation.

• 9M toll revenue increased 5.03% to RMB7.564bn; construction revenue rose 57.59% to RMB6.092bn alongside increased road and bridge investment.

• 9M ancillary revenue declined 8.77% to RMB1.119bn; property sales carry-forward fell 35.58% to RMB29.9m, and power sales decreased 4.38% to RMB484.6m.