Keda Industrial Group (600499) Q3 2024 earnings summary

Executive summary

• Operating revenue for the first three quarters of 2024 reached RMB 8.564 billion, up 21.85% year-over-year, with over 60% from overseas business.

• Net profit attributable to shareholders was RMB 703 million, down 65.19% year-over-year, mainly due to a sharp decline in investment income from Lanke Lithium Industry.

• The company continued to expand its global footprint, focusing on overseas building materials projects and enhancing its industrial service capabilities.

Financial highlights

• Q3 operating revenue: RMB 3.07 billion, up 34.57% compared to the same quarter last year.

• Net profit attributable to shareholders in Q3: RMB 248 million, down 66.93% year-over-year.

• Net cash flows from operating activities for the first three quarters: RMB 23.53 million, down 92.79% year-over-year.

• Basic earnings per share for Q3: RMB 0.132, down 66.33% year-over-year.

• Weighted average return on net assets for Q3: 2.19%, down 4.41 percentage points year-over-year.

Outlook and guidance

• The company will continue to promote its globalization strategy, accelerate transformation into an all-encompassing industrial service provider, and expand overseas production capacity and market layout.

• Ongoing projects include ceramic tile production in Côte d'Ivoire and Honduras, and a glass production project in Peru.