Tongling Nonferrous Metals Group (000630) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 reached ¥34.80 billion, up 2.96% year-over-year; YTD revenue was ¥106.31 billion, up 3.62% year-over-year.

• Net profit attributable to shareholders in Q3 was ¥548.59 million, up 4.92% year-over-year; YTD net profit was ¥2.73 billion, up 5.97% year-over-year.

• Net profit excluding non-recurring items in Q3 was ¥484.42 million, up 14.97% year-over-year; YTD was ¥2.69 billion, up 45.88% year-over-year.

Financial highlights

• Basic EPS for Q3 was ¥0.043, up 4.88% year-over-year; YTD was ¥0.215, up 5.91% year-over-year.

• Operating cash flow for Q3 was ¥3.67 billion, down 32.60% year-over-year.

• Total assets at Q3-end were ¥85.81 billion, up 9.67% from year-end 2023.

• Shareholders’ equity at Q3-end was ¥33.62 billion, up 5.67% from year-end 2023.

• Weighted average ROE for Q3 was 1.66%, up 0.03 percentage points year-over-year.

Key financial ratios and metrics

• Gross margin improved as net profit excluding non-recurring items grew faster than revenue.

• Financial expenses decreased 42.74% year-over-year due to lower interest costs.

• Investment income rose 53.67% year-over-year, mainly from dividends and hedging gains.

• Cash flow from investing activities was negative ¥4.85 billion YTD, reflecting higher capex.