Tianjin Port Development (3382) H1 2024 earnings summary

Executive summary

• Total cargo throughput reached 228 million tonnes in 1H2024, up 1.8% year-over-year; container throughput rose 1.6% to 10.43 million TEUs.

• Revenue increased 8.0% year-over-year to HK$6,746 million, led by non-containerised cargo and sales business volumes.

• Profit attributable to shareholders declined 11.9% to HK$418 million, with basic earnings per share at HK6.8 cents.

• No interim dividend was declared for the period.

Financial highlights

• Gross profit was HK$1,989 million, down 2.1% year-over-year; gross margin declined to 29.5% from 32.5%.

• Operating profit dropped 6.8% to HK$1,182 million; profit before tax fell 5.1% to HK$1,269 million.

• Net cash inflow from operating activities was HK$1,394 million.

• Total assets stood at HK$41,190 million; gearing ratio improved to 17.4% from 18.8%.

• Finance costs decreased 14.3% year-over-year to HK$129 million due to lower borrowings.

Outlook and guidance

• Global economic recovery is expected to continue moderately, but port throughput may be affected by geopolitical tensions and trade protectionism.

• China’s economic growth is forecast at 5.0% for 2024, supporting port activity.

• The group will focus on green, smart port development, technological innovation, and risk management.