Jiangsu Expressway Company (177) H2 2024 earnings summary

Executive summary

• Achieved record annual revenue of RMB23.20 billion, up 52.70% year-over-year, mainly due to increased construction revenue; revenue excluding construction fell 2.86% year-over-year to RMB12.33 billion.

• Net profit attributable to shareholders rose 12.09% year-over-year to RMB4.95 billion; EPS reached RMB0.9819.

• Proposed cash dividend of RMB0.49 per share, to be paid on 30 July 2025.

• Total assets grew 14.27% to RMB89.89 billion; net assets attributable to shareholders increased 13.56% to RMB38.60 billion.

Financial highlights

• Operating revenue: RMB23.20 billion (up 52.70% year-over-year).

• Net profit attributable to shareholders: RMB4.95 billion (up 12.09% year-over-year).

• Net cash flow from operating activities: RMB6.32 billion (down 14.56% year-over-year).

• Gross profit margin for toll road business increased by 4.33 percentage points to 58.86%.

• Investment income rose 21.53% to RMB1.78 billion, driven by higher dividends and associate contributions.

Outlook and guidance

• 2025 investment expenditure planned at RMB9.37 billion, focusing on major expressway and energy projects.

• Strategic focus on intelligent expansion, digital transformation, green and low-carbon initiatives, and transportation-energy integration.

• Sufficient credit lines and financing channels secured for future capital needs.