HBIS Company (000709) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 was ¥58.82 billion, down 8.60% year-over-year; net profit attributable to shareholders was ¥413 million, down 19.11%.

• The steel industry faced persistent supply-demand imbalance, low prices, and high costs, leading to lower profitability across the sector.

• The company maintained its position as a leading steel and vanadium producer, focusing on high-end, green, and intelligent manufacturing.

Financial highlights

• Operating income: ¥58.82 billion, down 8.60% year-over-year.

• Net profit attributable to shareholders: ¥413 million, down 19.11% year-over-year.

• Net cash flow from operating activities: ¥5.50 billion, down 9.19% year-over-year.

• Basic and diluted EPS: ¥0.03, down 25% year-over-year.

• Total assets at period end: ¥269.24 billion, up 1.02% from year-end 2023.

Outlook and guidance

• H2 2024 steel output expected to remain low; demand from manufacturing and infrastructure may improve.

• Company will focus on high-quality, green, and intelligent transformation, aiming to enhance profitability and competitiveness.