Shanghai Electric Group (2727) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended 30 September 2024 was RMB 76.60 billion, down 2.27% year-over-year, while Q3 revenue rose 5.67% compared to the same quarter last year.

• Net profit attributable to shareholders for the nine months was RMB 758 million, a 7.67% decrease year-over-year; Q3 net profit dropped 32.20% year-over-year.

• Excluding non-recurring items, net profit for the nine months surged 744.33% year-over-year to RMB 295 million.

• Gross profit and gross margin improved in Q3 compared to the same period last year.

Financial highlights

• Total assets increased to RMB 290.14 billion as of 30 September 2024, up 2.43% from year-end 2023.

• Net assets attributable to shareholders rose 1.43% to RMB 53.55 billion.

• Basic and diluted EPS for the nine months were RMB 0.049, down 7.59% year-over-year.

• Net cash flow from operating activities for the nine months was RMB 37 million, a turnaround from negative RMB 4.16 billion in the prior year period.

Outlook and guidance

• The company focused on core businesses, with non-recurring profit decreasing, impacting net profit.

• Gross profit and margin improvements are expected to support future profitability.