Nanjing Iron & Steel (600282) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 was RMB 49.29 billion, down 12.55% year-over-year, while net profit attributable to shareholders rose 5.31% to RMB 1.75 billion.

• Steel output and sales volume both declined by over 10% year-over-year for the nine-month period.

Financial highlights

• Q3 revenue: RMB 15.61 billion; net profit attributable to shareholders: RMB 520 million, down 19.72% and 23.08% year-over-year, respectively.

• Basic and diluted EPS for Q3: RMB 0.0844, down 23.08% year-over-year; nine-month EPS: RMB 0.2844, up 5.31%.

• Operating cash flow for the first nine months: RMB 1.69 billion, down 28.70% year-over-year.

• Total assets at period end: RMB 67.66 billion, down 7.54% from year-end 2023.

• Shareholders’ equity: RMB 25.76 billion, down 2.96% from year-end 2023.

Key financial ratios and metrics

• Weighted average ROE for the nine months: 6.71%, up 1.31 percentage points year-over-year.

• Gross margin improved as net profit increased despite lower revenue.