Road King Infrastructure (1098) H2 2024 earnings summary

Executive summary

• Property sales (including JV/associates) fell 55% year-over-year to RMB12,462 million; property delivery remained stable at RMB31,592 million.

• Toll revenue from Indonesian expressways rose 6% to HK$1,765 million, offsetting the loss of Mainland China toll revenue after asset disposal.

• Net loss attributable to shareholders widened to HK$4,122 million from HK$3,962 million year-over-year.

• Total assets declined to HK$57,513 million from HK$73,146 million, with equity attributable to owners at HK$10,815 million.

Financial highlights

• Revenue dropped 58% year-over-year to HK$5,537 million, mainly due to lower property sales.

• Gross loss of HK$1,390 million, compared to HK$648 million last year.

• Loss per share was HK$5.50 (basic), compared to HK$5.29 last year.

• Bank balances and cash decreased to HK$4,274 million from HK$5,480 million.

• No dividend declared for 2024.

Outlook and guidance

• Real estate market in Mainland China expected to remain sluggish in 2025; full recovery will take time.

• Group to remain cautious in investment and funding, focusing on property delivery and cash flow control.

• Will seek opportunities to optimize toll road and real estate-related businesses.