Jiangsu Expressway Company (177) Q3 2024 earnings summary

Executive summary

• Operating income for Q3 2024 was RMB4.10 billion, down 8.37% year-over-year; net profit attributable to shareholders was RMB1.37 billion, down 11.81% year-over-year.

• For the first nine months, operating income rose 21.10% year-over-year to RMB14.06 billion, but excluding construction revenue, it decreased 2.33%.

• Net profit attributable to shareholders for the nine months was RMB4.12 billion, up 2.05% year-over-year; basic EPS was RMB0.8178.

Financial highlights

• Q3 2024 operating income: RMB4.10 billion (-8.37% YoY); net profit: RMB1.37 billion (-11.81% YoY).

• Nine-month operating income: RMB14.06 billion (+21.10% YoY); net profit: RMB4.12 billion (+2.05% YoY).

• Net cash flow from operating activities for nine months: RMB5.42 billion, down 2.46% year-over-year.

• Total assets at 30 September 2024: RMB84.00 billion; owners' equity: RMB36.80 billion.

• Weighted average return on net assets for nine months: 11.57%.

Outlook and guidance

• Construction investment in road and bridge projects is expected to continue driving reported operating income, though core business revenue faces pressure from lower oil sales and reduced real estate deliveries.