Tianjin Port Development (3382) H2 2024 earnings summary

Executive summary

• Total cargo throughput rose 1.9% year-over-year to 453 million tonnes, with container throughput up 2.2% to 20.47 million TEUs and non-containerised cargo up 7.2% to 254.97 million tonnes.

• Revenue increased 1.8% to HK$13,721 million, while profit attributable to shareholders declined 5.3% to HK$690 million.

• Gross profit rose 7.0% to HK$3,958 million, with gross margin improving to 28.8%.

• Proposed final dividend of HK4.48 cents per share, with a payout ratio of 40%.

Financial highlights

• Gross profit margin improved by 1.4ppt to 28.8% year-over-year.

• Gross profit grew 7.0% to HK$3,958 million; profit before income tax rose 4.8% to HK$2,184 million.

• Basic earnings per share was HK11.2 cents.

• Profit attributable to equity holders was HK$690 million, down 5.3% year-over-year.

• Revenue: HK$13,721 million (up 1.8% year-over-year).

Segment performance

• Cargo handling revenue increased 8.8% to HK$8,068 million; segment results up 11.6% to HK$2,668 million.

• Containerised cargo revenue rose 4.6% to HK$2,213 million; non-containerised cargo revenue up 10.4% to HK$5,855 million.

• Average unit price for container handling increased 2.6% to HK$184.1 per TEU; non-containerised cargo unit price decreased 1.1% to HK$29.7 per tonne.

• Sales business revenue was HK$2,807 million, down 19.1%.

• Other port ancillary services revenue was HK$2,846 million, up 9.6%.