Juneyao Airlines (603885) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached RMB 10.96 billion, up 17.41% year-over-year, driven by increased flight volume and international route recovery.

• Net profit attributable to shareholders was RMB 489.37 million, a 508.88% increase year-over-year.

• Passenger numbers rose 18.5% year-over-year to 13.69 million, with international passenger growth of 205.8%.

• Average load factor improved to 84.51%, up 3.83 percentage points year-over-year.

• Proposed interim cash dividend of RMB 0.09 per share, totaling RMB 197.15 million.

Financial highlights

• Operating income: RMB 10.96 billion, up 17.41% year-over-year.

• Net profit attributable to shareholders: RMB 489.37 million, up 508.88% year-over-year.

• Basic and diluted EPS: RMB 0.22, up from RMB 0.04 year-over-year.

• Operating cash flow: RMB 2.73 billion, down 12.5% year-over-year.

• Gross margin improved, with unit operating cost (ex-fuel) at RMB 0.21.

Outlook and guidance

• Civil aviation market expected to maintain steady growth in H2 2024, with domestic demand stable and international recovery accelerating.

• Full-year industry indicators projected to surpass 2019 levels, setting new records.

• Company to continue expanding international and intercontinental routes, leveraging Shanghai and Guangzhou hubs.