Shanghai Industrial Holdings (363) H2 2024 earnings summary

Executive summary

• Revenue for 2024 was HK$28,918 million, down 11.6% year-over-year; net profit fell 18.0% to HK$2,808 million.

• The Group maintained a stable dividend payout of HK94 cents per share, with a payout ratio of 36.4%.

• Infrastructure and environmental protection contributed 85.1% of net business profit, with a 13.3% profit increase, mainly from partial disposal of Hangzhou Bay Bridge equity.

• Real estate business turned to a loss of HK$236 million due to a sharp drop in property delivery revenue.

• Consumer products profit surged 71.8% to HK$643 million, driven by tobacco sales recovery.

Financial highlights

• Revenue: HK$28,918 million, down 11.6% year-over-year.

• Net profit: HK$2,808 million, down 18.0% year-over-year.

• Earnings per share: HK$2.582 (basic and diluted), down from HK$3.149 last year.

• Gross profit margin declined by 11.8 percentage points due to lower-margin property sales.

• Total borrowings: HK$59,492 million, with 65.6% unsecured.

Outlook and guidance

• Management expects continued global economic uncertainty in 2025 but sees opportunities from China's resilience and policy support.

• Focus remains on core businesses, risk control, and innovation, with emphasis on green infrastructure and digital transformation.

• Real estate market expected to remain volatile; strategies include asset revitalization and risk mitigation.