Shanghai International Airport (600009) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached ¥6.06 billion, up 24.55% year-over-year, driven by strong recovery in aviation business volumes at both airports.

• Net profit attributable to shareholders was ¥814.87 million, a 515.02% increase compared to the same period last year.

• Operating cash flow rose 120.47% year-over-year to ¥2.54 billion, reflecting improved business performance.

• The company declared an interim cash dividend of ¥1.0 per 10 shares, with a payout ratio of 30.54%.

• Aviation and logistics segments saw robust growth, with passenger throughput and cargo volumes both increasing significantly.

Financial highlights

• Revenue: ¥6.06 billion, up 24.55% year-over-year.

• Net profit: ¥814.87 million, up 515.02% year-over-year.

• Operating cash flow: ¥2.54 billion, up 120.47% year-over-year.

• Basic and diluted EPS: ¥0.33, up 560% year-over-year.

• Gross margin improved as aviation and logistics volumes rebounded.

Outlook and guidance

• Management expects continued recovery in aviation and logistics, but notes international passenger traffic has not fully structurally recovered.

• The company will focus on high-quality development, risk management, and maintaining a strong safety record.

• Challenges remain in the competitive duty-free market and from alternative transportation modes.