嘉里物流(00636) - 2021 - 中期财报

Financial Performance - The company's revenue increased by 68% to HKD 36.709 billion in the first half of 2021, compared to HKD 21.885 billion in the same period of 2020[16]. - Core operating profit rose by 70% to HKD 2.536 billion, up from HKD 1.489 billion year-on-year[16]. - Shareholders' profit attributable increased by 215% to HKD 3.380 billion, compared to HKD 1.073 billion in the previous year[16]. - Net profit for the period was HKD 3,853,758 thousand, a significant increase of 189.2% compared to HKD 1,335,389 thousand in 2020[67]. - Basic earnings per share rose to HKD 1.88, compared to HKD 0.61 in the same period last year, reflecting a 208.2% increase[66]. - The total comprehensive income for the six months ended June 30, 2021, was HKD 3,066,348,000, compared to HKD 706,060,000 in the previous year[74]. - The company reported a total income tax expense of HKD 480,680,000 for the six months ended June 30, 2021, compared to HKD 278,861,000 for the same period in 2020, reflecting an increase of 72.3%[106]. Revenue Segments - The international freight segment saw a remarkable growth of 279%, with a profit of HKD 1.437 billion compared to HKD 0.379 billion in the same period last year[17]. - The logistics segment's profit increased by 13%, reaching HKD 1.292 billion, driven by the growth in Hong Kong warehousing and logistics operations[17]. - International freight revenue surged to HKD 25,184,909 for the six months ended June 30, 2021, compared to HKD 12,507,732 in 2020, marking an increase of 101.4%[97]. - Revenue from Hong Kong was 4,003,003 thousand HKD, while revenue from mainland China was 11,266,612 thousand HKD, showing significant contributions from both regions[99]. Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.211 per share, reflecting a strong performance[7]. - The interim dividend declared for the six months ended June 30, 2021, is HKD 0.211 per share, compared to HKD 0.11 per share for the same period in 2020, representing an increase of 91%[108]. - The record date for the interim dividend is set for September 13, 2021, with payment scheduled for September 28, 2021[62]. Debt and Financial Position - The asset-to-liability ratio stands at 30.8%, with a net ratio of 7.1%[7]. - As of June 30, 2021, total bank loans amounted to HKD 90.38 billion, with HKD 53.28 billion (approximately 59%) due within one year[28][29]. - The group's debt-to-equity ratio improved to 30.8% from 33.6% as of December 31, 2020[29]. - The company reported a net cash decrease of HKD 1,214,583,000 for the period, compared to an increase of HKD 389,662,000 in the previous year[71]. Market Trends and Strategic Initiatives - The logistics industry is shifting towards customized services due to disruptions caused by the pandemic, presenting both challenges and opportunities for third-party logistics providers[18]. - E-commerce business is projected to continue growing as online shopping becomes integral to daily life[26]. - The group plans to enhance its product offerings and provide customized solutions to address global supply chain challenges[26]. - Future guidance indicates a continued focus on revenue growth and market expansion, with expectations of further increases in both domestic and international markets[100]. Acquisitions and Investments - The group completed the acquisition of the remaining 49% interest in Apex for USD 176,132,511 (approximately HKD 1,372,432,000), enhancing its market position[105]. - The company acquired approximately 51% equity in Logistikus Express Philippines, Inc., a local logistics service provider based in China and the Philippines, indicating strategic market expansion[125]. - The company has identified strategic acquisition opportunities to bolster its market position and diversify its service offerings[100]. Operational Highlights - The company's operations in mainland China showed a robust recovery, with a segment profit growth of 82% driven by increased production and online shopping demand[21]. - Kerry Logistics Network has established a solid foothold in half of the world's emerging markets, with operations in 60 countries and territories[138]. - The company is actively involved in cross-border e-commerce logistics, catering to the growing demand in this sector[138]. Financial Risks and Management - The group is exposed to various financial risks, including market risk, credit risk, and liquidity risk, with no changes in the risk management framework since the end of the previous year[80]. - The company has not made any withholding tax provisions for undistributed profits of certain subsidiaries, indicating a strategic decision to manage temporary differences[107]. Corporate Governance and Compliance - The mid-term financial report has been reviewed by the audit and compliance committee and the independent auditor, confirming compliance with relevant standards[60]. - The independent auditor conducted the review in accordance with the relevant Hong Kong standards and found no material discrepancies[64]. - The company has adhered to the corporate governance code and the standard code of conduct throughout the reporting period[56].