Beijing Capital International Airport Company (694) H1 2024 earnings summary

Executive summary

• Revenue for the first half of 2024 rose 35.2% year-over-year to RMB2,683.9 million, driven by strong recovery in both aeronautical and non-aeronautical businesses.

• Net loss attributable to shareholders narrowed by 63.9% year-over-year to RMB376.5 million, with loss per share at RMB0.082.

• Passenger throughput surged 41.6% year-over-year to 32.7 million, and cargo/mail throughput increased 48.9% to 704,681 tonnes.

• Aircraft movements rose 20.2% year-over-year to 211,420 sorties in H1 2024.

Financial highlights

• EBITDA turned positive at RMB491.7 million, compared to negative RMB83.1 million in the prior year period.

• Operating expenses increased 5.2% year-over-year to RMB2,900.4 million, with notable rises in staff costs and concession management fees.

• Net finance costs decreased 18.2% year-over-year to RMB141.7 million due to early loan repayments and lower interest expenses.

• Cash and cash equivalents rose to RMB3,254.5 million as of June 30, 2024, from RMB1,281.8 million at year-end 2023.

• Net cash from operating activities was RMB136.0 million, a significant improvement from a net outflow of RMB1,058.2 million last year.

Outlook and guidance

• The company expects continued recovery in domestic aviation and aims to enhance operational efficiency, service quality, and hub competitiveness in the second half of 2024.

• Focus areas include safety, cost control, infrastructure upgrades, and joint marketing to boost passenger traffic.

• International market recovery remains uncertain due to global factors and competition from Beijing Daxing Airport.