中国建筑国际(03311) - 2024 - 中期财报

Financial Performance - The unaudited revenue for the first half of 2024 was HKD 61.76 billion, up 12.1% compared to the previous year[13]. - Operating profit increased by 10.3% to HKD 8.57 billion, while profit attributable to shareholders rose by 12.7% to HKD 5.47 billion[13]. - The basic earnings per share were HKD 1.0848, and the net asset value per share was HKD 15.39[13]. - The company's profit attributable to shareholders for the six months ended June 30, 2024, was HKD 5.465 billion, an increase of 12.7% compared to HKD 4.849 billion in the same period last year[29]. - Revenue for the same period reached HKD 61.755 billion, up 12.1% from HKD 55.111 billion year-on-year[29]. - Gross profit rose to HKD 9.554 billion, compared to HKD 8.626 billion, marking an increase of 10.7% year-over-year[54]. - Profit for the period was HKD 5.859 billion, up from HKD 5.135 billion, representing a growth of 14.1%[57]. - Pre-tax profit for the six months ended June 30, 2024, was HKD 5,465.038 million, up from HKD 4,848.622 million in 2023, indicating an increase of 12.7%[100]. Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.33 per share, with a payout ratio of approximately 30.4%, an increase of 1.8 percentage points from the previous year[13]. - The interim dividend declared is HKD 0.33 per share, with a payout ratio of approximately 30.4%[31]. - The company declared a dividend of HKD 1,209,028 for the previous fiscal year, reflecting its commitment to returning value to shareholders[63]. - The company declared an interim dividend of HKD 0.33 per share for the 2024 interim period, an increase from HKD 0.275 per share in the 2023 interim period[125]. Project and Contract Achievements - The group achieved a new contract value of HKD 125.13 billion, representing a year-on-year increase of 29.2%[13]. - The group won the contract for the WENTX project in Hong Kong, with a total contract value of HKD 61.1 billion, marking the largest contract in the group's history[15]. - The group has successfully secured multiple large-scale projects in Hong Kong and Macau, reinforcing its market leadership position[12]. - The group secured major contracts in Hong Kong, including the West Kowloon Cultural District and the largest indoor ski resort in the world, demonstrating its leadership in the curtain wall market[19]. Market and Business Strategy - The group is focusing on building technology applications and digital transformation to support innovation in the construction industry in Hong Kong[15]. - The group continues to optimize its business structure in mainland China, achieving breakthroughs driven by technology[12]. - The group focuses on high-quality projects in mainland China, expanding its market share in key economic regions such as the Yangtze River Delta and the Pearl River Delta, with improved project cycles[17]. - The group plans to strengthen its market position in Hong Kong and mainland China, focusing on high-quality development and leveraging technology for new growth[27]. Financial Position and Cash Flow - As of June 30, 2024, the group had cash reserves of HKD 32.15 billion, accounting for 12.1% of total assets, with a net gearing ratio of 69.8%[23]. - Total borrowings as of June 30, 2024, amounted to HKD 86.283 billion, with 82.6% denominated in RMB, reflecting a strategy to increase RMB financing to mitigate currency risk[47]. - Net borrowings increased to HKD 54.133 billion as of June 30, 2024, compared to HKD 49.124 billion as of December 31, 2023, resulting in a net debt-to-equity ratio of 69.8%, up from 66.1%[49]. - The net cash outflow from investing activities was HKD 15.87 billion, a significant shift from a net cash inflow of HKD 10.97 billion in the previous year[51]. - Financing activities generated a net cash inflow of HKD 57.75 billion, up from HKD 52.11 billion in the previous year, reflecting increased financing activities[51]. Sustainability and Innovation - The group aims for carbon peak by 2030 and carbon neutrality by 2050, with a series of plans to support these targets, reflecting its commitment to sustainable development[20]. - The group continues to advance technological innovation, collaborating with academic institutions and achieving significant milestones in modular construction and BIPV technologies[25]. - The Light A BIPV product has passed 54 TÜV certifications, enhancing its quality and reliability, which boosts owner confidence in BIPV products[19]. Shareholder Structure and Governance - Major shareholders include China Overseas Group Limited, China State Construction Engineering Corporation, and China State Construction Group Limited, each holding 3,264,976,136 shares, representing 64.81% of the issued shares[136][140]. - GIC Private Limited holds 302,824,733 shares, accounting for 6.01% of the total issued shares[139]. - The company has adopted and complied with all code provisions set out in the Corporate Governance Code as of June 30, 2024[144]. - The audit committee has reviewed the unaudited interim results for the six months ended June 30, 2024[146].