Air China (753) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 reached RMB 48.63 billion, up 6.03% year-over-year; YTD revenue was RMB 128.15 billion, up 21.5% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 4.14 billion, down 2.31% year-over-year; YTD net profit was RMB 1.36 billion, up 72.06% year-over-year.

• Profit growth driven by significant revenue increase and strengthened cost control measures.

Financial highlights

• Net profit after deducting non-recurring items for Q3 was RMB 3.87 billion, down 4.73% year-over-year; YTD was RMB 432.7 million.

• Basic and diluted EPS for Q3 were RMB 0.26, down 7.14% year-over-year; YTD EPS was RMB 0.09, up 68.22% year-over-year.

• Net cash flows from operating activities for the first nine months were RMB 30.74 billion, down 7.06% year-over-year.

• Total assets at quarter-end were RMB 344.55 billion, up 2.76% from year-end 2023; owners' equity attributable to shareholders was RMB 40.54 billion, up 8.9%.

• Non-recurring profit and loss items for the first nine months totaled RMB 929 million, including government subsidies and asset disposals.

Outlook and guidance

• Profitability improved year-over-year due to revenue growth and cost control, with management expecting continued focus on these areas.