Beijing Capital International Airport Company (694) H2 2024 earnings summary

Executive summary

• Revenue increased by 20.5% year-over-year to RMB5,492.2 million, driven by strong recovery in both aeronautical and non-aeronautical segments.

• Net loss after tax narrowed by 18.1% year-over-year to RMB1,389.7 million, with loss per share at RMB0.30.

• Aircraft movements rose 14.2%, passenger throughput surged 27.4%, and cargo/mail throughput climbed 29.3% year-over-year.

• No final dividend was recommended for the year.

Financial highlights

• Aeronautical revenue grew 27.2% year-over-year to RMB2,667.7 million, led by a 35.2% jump in passenger services income.

• Non-aeronautical revenue rose 14.7% to RMB2,824.5 million, with concession revenue up 12.2% and rental income up 13.9%.

• Operating expenses decreased 1.0% to RMB5,856.8 million, with notable reductions in depreciation, concession management fees, and general/admin costs.

• Net finance costs fell to RMB278.6 million from RMB311.3 million, mainly due to early repayment of foreign loans.

• Deferred income tax expense of RMB760.4 million was mainly due to reversal of previously recognized deferred tax assets.

Outlook and guidance

• Civil aviation market expected to expand in 2025, with international routes showing strong growth in early 2025.

• Focus on safety, operational efficiency, cost control, and commercial revenue enhancement.

• Plans to further develop international hub status and expand long-distance international routes.