招商局港口(00144) - 2023 - 中期业绩

Financial Performance - Profit attributable to equity holders was HKD 3.351 billion, a decrease of 30.5% year-on-year (2022: HKD 4.825 billion) [5] - Basic earnings per share were 83.69 HK cents, a decrease of 34.4% year-on-year (2022: 127.48 HK cents) [5] - Revenue for the first half of 2023 was HKD 5.805 billion, down from HKD 6.508 billion in 2022 [5] - Net profit for the period was HKD 3.984 billion, compared to HKD 5.561 billion in 2022 [6] - The operating profit before losses for the first half of 2023 was 1,093 million, compared to 1,959 million in the first half of 2022, indicating a decrease of about 44.1% [15] - The profit attributable to equity holders of the company for the first half of 2023 was 3,351 million, down from 4,825 million in the same period of 2022, reflecting a decline of approximately 30.5% [16] - The company reported a loss of 750 million in the fourth quarter of 2023, compared to a profit of 236 million in the same quarter of 2022 [15] - The company’s net financing cost was HKD 666 million for the first half of 2023, down from HKD 808 million in the same period last year, showing improved financial efficiency [19] Revenue Breakdown - Revenue from port operations, including container handling and related services, was HKD 5,707 million, down from HKD 6,426 million, reflecting a decline of 11.2% [11] - Warehousing service revenue decreased to HKD 5,406 million from HKD 6,172 million, representing a decline of 12.4% [11] - Revenue from mainland China, Hong Kong, and Taiwan was HKD 3,425 million, down from HKD 4,233 million, a decrease of 19.1% [14] - Revenue from Brazil increased slightly to HKD 854 million from HKD 835 million, reflecting a growth of 2.3% [14] - Revenue from the China mainland, Hong Kong, and Taiwan segment was 514 million for the first half of 2023, compared to 785 million in the same period of 2022, a decrease of about 34.5% [15] - The segment profit for the China mainland, Hong Kong, and Taiwan was 2,225 million in the first half of 2023, down from 3,473 million in the same period of 2022, representing a decline of approximately 36.0% [16] Asset and Equity Position - Total assets as of June 30, 2023, were HKD 172.882 billion, an increase from HKD 172.155 billion at the end of 2022 [7] - Total equity was HKD 122.372 billion, slightly down from HKD 122.576 billion at the end of 2022 [8] - The total equity attributable to the company and its subsidiaries was HKD 86,857 million, indicating a strong capital position [18] - The total segment assets reached HKD 171,832 million, with significant contributions from various regions including HKD 20,698 million from the Greater Bay Area [18] Dividends and Shareholder Returns - The interim dividend per share remained at 22 HK cents, unchanged from 2022 [3] - The interim dividend proposed is HKD 0.22 per ordinary share, totaling HKD 909 million, which is an increase from HKD 866 million in the previous year [23] - The weighted average number of ordinary shares issued increased to 4,003,383,046 for the six months ended June 30, 2023, from 3,785,619,729 in the same period of 2022, an increase of 5.8% [24] - The company plans to issue new shares as part of its scrip dividend scheme, with the new shares expected to be distributed around November 22, 2023 [29] Cost Management and Efficiency - Financing costs decreased to HKD 894 million from HKD 1.018 billion in 2022 [5] - Employee costs, including directors' remuneration, were HKD 1,036 million for the six months ended June 30, 2023, down from HKD 1,126 million in the same period of 2022, a decrease of 8% [22] - The company’s depreciation of property, plant, and equipment was HKD 760 million for the first half of 2023, compared to HKD 802 million in the same period of 2022, a decline of 5.2% [22] - The capital expenditure for the first half of 2023 was reported at 423 million, compared to 517 million in the same period of 2022, indicating a decrease of about 18.2% [16] Market and Economic Outlook - The global economic growth forecast for 2023 is projected at 3.0%, a decrease of 0.5 percentage points from 2022, with emerging markets expected to grow at 4.0% [57] - Global trade volume growth is expected to be 2.0% in 2023, revised down by 0.4 percentage points from previous forecasts, and 3.7% in 2024 [57] - The global container throughput for the top 20 ports in Q1 2023 was 83.43 million TEU, a decline of 11.7% year-on-year [33] - The average idle capacity of container ships in the market is approximately 4.4% [32] Strategic Initiatives - The company plans to focus on expanding its market presence and investing in new technologies to drive future growth [15] - The company is exploring potential mergers and acquisitions to enhance its competitive position in the market [15] - The company is actively exploring business expansion in Southeast Asia, leveraging the positive trends from the Regional Comprehensive Economic Partnership (RCEP) [42] - The company aims to enhance its supply chain service capabilities and achieve the strategic goal of becoming a "world-class comprehensive service provider for ports" in the second half of 2023 [58] - The company is committed to innovation-driven development, increasing efforts in core technology breakthroughs, and transitioning from "cargo volume economy" to "cargo value economy" in its operations [58] Sustainability and Community Engagement - The company is committed to sustainable development, aligning with national carbon neutrality goals and implementing energy-saving projects [55] - The company has initiated community engagement programs, including the C-Blue initiative, to support education and local development [56]