嘉里物流(00636) - 2024 - 中期业绩

Financial Performance - Revenue increased by 10% year-on-year to HKD 25.432 billion (compared to HKD 23.197 billion in the first half of 2023) [3] - Core operating profit grew by 11% to HKD 1.200 billion (compared to HKD 1.078 billion in the first half of 2023) [3] - Core net profit also increased by 5% to HKD 606 million (compared to HKD 575 million in the first half of 2023) [3] - Profit attributable to shareholders for the first half of 2024 was HKD 831 million, a 126% increase year-on-year (compared to HKD 368 million in the first half of 2023) [3] - Total comprehensive income for the period was HKD 291.252 million, compared to a loss of HKD 114.605 million in the previous year [5] - Total revenue for the first half of 2024 was HKD 25,432,488, an increase from HKD 23,197,039 in the same period of 2023, representing a growth of approximately 9.7% [13] - Core operating profit for the first half of 2024 was HKD 1,199,655, compared to HKD 1,078,254 in 2023, marking an increase of approximately 11.2% [13] - The company reported a net profit attributable to shareholders of HKD 589,956, up from HKD 574,986 in the previous year, representing a growth of about 2.6% [13] Segment Performance - The logistics business recorded a segment profit of HKD 693 million, a slight decrease of 3% [3] - The international freight business reported a segment profit of HKD 740 million, an 18% increase [3] - Total revenue for the integrated logistics segment reached HKD 6,932,633,000 for the six months ended June 30, 2024, compared to HKD 6,210,869,000 for the same period in 2023, representing a year-on-year increase of approximately 11.6% [15] - Revenue from international freight forwarding was HKD 18,499,855,000 for the six months ended June 30, 2024, compared to HKD 16,107,544,000 for the same period in 2023, indicating a growth of approximately 14.8% [15] - The total segment profit for the Americas was HKD 206,761, compared to HKD 124,987 in the previous year, indicating a significant increase of around 65.2% [13] - The logistics segment experienced a 3% decline in profit due to slow economic recovery and weak local demand, particularly in Hong Kong and mainland China [39] Dividends and Shareholder Returns - The interim dividend per share is set at HKD 0.10, to be paid on September 23, 2024 [3] - The company declared a special interim dividend of approximately HKD 983,215,000, based on the fair value of its 907,200,000 shares in KEX Express Thailand, representing about 52.1% of all issued shares [25] - Basic earnings per share from continuing operations increased to HKD 0.33 for the six months ended June 30, 2024, compared to HKD 0.32 for the same period in 2023 [26] Assets and Liabilities - Non-current assets amounted to HKD 20.089 billion as of June 30, 2024, compared to HKD 20.699 billion at the end of 2023 [6] - Current liabilities totaled HKD 13.973 billion as of June 30, 2024, compared to HKD 13.183 billion at the end of 2023 [6] - As of June 30, 2024, total non-current liabilities amounted to HKD 8,006,780, an increase from HKD 7,358,856 as of December 31, 2023, reflecting a growth of approximately 8.8% [7] - The total equity as of June 30, 2024, was HKD 18,589,077, down from HKD 20,107,259 as of December 31, 2023, indicating a decrease of about 7.6% [7] - The total net accounts receivable as of June 30, 2024, was HKD 9,308,939,000, an increase from HKD 8,568,201,000 as of December 31, 2023 [29] - The total amount of accounts payable as of June 30, 2024, was HKD 4,698,517,000, an increase from HKD 4,310,572,000 as of December 31, 2023 [30] - The company’s total receivables, including prepayments and deposits, reached HKD 13,234,989,000 as of June 30, 2024, compared to HKD 11,920,703,000 as of December 31, 2023 [29] Operational Efficiency - Direct operating expenses for the six months ended June 30, 2024, were HKD 19,669,976,000, compared to HKD 17,533,317,000 for the same period in 2023, representing an increase of approximately 12.2% [19] - Financing costs for the six months ended June 30, 2024, totaled HKD 285,884,000, up from HKD 265,381,000 for the same period in 2023, indicating a rise of about 7.8% [20] - The group recognized a total tax expense of HKD 260,393,000 for the six months ended June 30, 2024, compared to HKD 225,750,000 for the same period in 2023, reflecting an increase of approximately 15.4% [21] - Operating expenses decreased significantly by 12% during the period, contributing to profit growth, with the operating expense to revenue ratio lower than industry peers [42] Strategic Initiatives - The company completed a special interim dividend distribution by physically distributing all shares held in KEX Express Thailand, terminating certain Asian express businesses, which are classified as discontinued operations [8] - The company is committed to ongoing research and development of new technologies to enhance its logistics services and improve operational efficiency [17] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth [14] - The company plans to expand its market presence in Asia and the Americas, leveraging its logistics capabilities to capture growth opportunities in these regions [17] - The company is exploring the feasibility of installing more solar panels at its global operations to enhance renewable energy usage [41] - The company is enhancing data collection and management in preparation for new climate disclosure regulations issued by the stock exchange [41] Workforce and Employment - The workforce decreased to approximately 18,600 employees as of June 30, 2024, down from about 33,100 employees on December 31, 2023, primarily due to the divestment of KEX Express Thailand [44] Future Outlook - The company maintains an optimistic outlook for fiscal year 2024, expecting an increase in international freight business performance in the second half, driven by sustained demand in maritime transport and strong air freight performance in Q4 2024 [42]