Zhejiang Expressway (576) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended September 30, 2024, reached RMB 12,980 million, up from RMB 12,732 million year-over-year.

• Net profit for the period was RMB 5,199 million, compared to RMB 5,006 million in the prior year.

• Total comprehensive income rose to RMB 5,498 million from RMB 5,088 million year-over-year.

Financial highlights

• Gross profit for the period was RMB 5,452 million, down from RMB 5,637 million year-over-year.

• Securities investment gains increased to RMB 1,030 million from RMB 884 million year-over-year.

• Other income and gains and losses rose to RMB 637 million from RMB 247 million year-over-year.

• Finance costs decreased to RMB 1,326 million from RMB 1,476 million year-over-year.

• Earnings per share (basic) were 68.87 RMB cents, up from 67.62 RMB cents year-over-year.

Key financial ratios and metrics

• Gross margin declined as gross profit fell despite higher revenue.

• Net cash generated from operating activities was RMB 8,886 million, nearly flat year-over-year.

• Net cash used in investing activities was RMB 7,537 million, significantly less than RMB 13,954 million in the prior year.

• Net cash used in financing activities was RMB 4,590 million, compared to net cash generated of RMB 2,148 million year-over-year.

• Cash and cash equivalents at period end were RMB 20,589 million, down from RMB 21,033 million year-over-year.