Financial Performance - Total cargo throughput for the first half of 2023 was 22.4 million tons, a 1.0% increase from 22.2 million tons in the same period of 2022[8]. - Container throughput reached 10.27 million TEUs, up 2.3% from 10.04 million TEUs in the first half of 2022[8]. - Revenue for the first half of 2023 was HKD 6.244 billion, a decrease of 12.2% compared to HKD 7.114 billion in the same period of 2022[12]. - Shareholder profit for the first half of 2023 was HKD 474 million, representing a 65.8% increase from HKD 286 million in the first half of 2022[8]. - Gross profit for the first half of 2023 was HKD 2.030 billion, an increase of 18.3% year-on-year, with a gross profit margin of 32.5%, up 8.4 percentage points[23]. - The net profit for the period was HKD 1,083,905,000, up 40.5% from HKD 771,526,000 in the previous year[51]. - Profit attributable to equity holders for the six months was HKD 474,481,000, up 65.8% from HKD 286,096,000 in 2022[78]. - Basic and diluted earnings per share for the period were HKD 0.077, compared to HKD 0.046 in the same period of 2022[51]. Cash Flow and Assets - The company reported a net cash inflow from operating activities of HKD 1.456 billion, slightly down from HKD 1.495 billion in the previous year[4]. - Total assets as of June 30, 2023, were HKD 39.486 billion, down from HKD 42.211 billion at the end of 2022[4]. - Current assets decreased from HKD 10,228,329 thousand to HKD 8,927,058 thousand, a reduction of about 12.7%[54]. - Cash and cash equivalents decreased from HKD 7,954,823 thousand to HKD 6,420,992 thousand, a decline of about 19.3%[58]. - The company's total liabilities amounted to HKD 5,959,791, a decrease of 28% from HKD 8,290,782 as of December 31, 2022[85]. - The company's total equity decreased from HKD 29,653,581 thousand as of December 31, 2022, to HKD 29,283,109 thousand as of June 30, 2023, a decline of about 1.3%[54]. Debt and Financial Ratios - The debt-to-equity ratio improved to 20.4% from 28.0% in the previous year[4]. - The total borrowings as of June 30, 2023, amounted to HKD 5,960,000,000, primarily at floating interest rates[40]. - The debt ratio as of June 30, 2023, was 20.4%, down from 28.0% at the end of 2022, indicating improved financial stability[37]. - The company’s borrowings decreased from HKD 4,018,468 thousand to HKD 1,772,561 thousand, a significant reduction of approximately 56.0%[55]. Revenue Breakdown - The group's handling business revenue reached HKD 3.624 billion, a year-on-year increase of 1.6%, and an increase of 8.6% in RMB terms, primarily due to the rise in container handling throughput[14]. - Revenue from the cargo handling segment was HKD 3,623,545,000, while sales and other port services generated HKD 1,406,531,000 and HKD 1,213,892,000 respectively[69]. - Sales business revenue decreased by 37.9% to HKD 1.407 billion, primarily due to a reduction in sales volume[20]. - Container handling revenue increased by 14.8% to HKD 1.070 billion, attributed to the increase in container throughput[19]. Operational Insights - The company plans to enhance port infrastructure and promote smart upgrades and low-carbon development in the second half of 2023[10]. - The company aims to maintain efficient port operations and expand service functions to achieve high-quality development[10]. - The group continues to focus on market expansion and new product development as part of its strategic initiatives[110]. - The company anticipates a recovery in revenue growth in the second half of 2023, driven by improved market conditions and operational efficiencies[110]. Administrative and Other Expenses - Administrative expenses increased by 1.9% to HKD 898 million, mainly due to rising R&D costs[24]. - The group’s administrative expenses for the six months ended June 30, 2023, were HKD 897,726,000, compared to HKD 881,360,000 in the same period of 2022[70]. - Total financial expenses decreased to HKD 149,999,000 from HKD 200,743,000, a reduction of 25.1%[73]. Dividends and Shareholder Information - The board has decided not to declare an interim dividend for the six months ended June 30, 2023[9]. - The company did not declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[77]. - As of June 30, 2023, Tianjin Port Overseas Holdings Limited holds 3,294,530,000 shares, representing 53.5% of the issued share capital[107]. - Leadport Holdings Limited owns 1,293,030,000 shares, accounting for 21.0% of the issued share capital[107]. Compliance and Governance - The company has complied with all provisions of the Corporate Governance Code for the six months ending June 30, 2023[95]. - The independent auditor has reviewed the unaudited condensed consolidated financial statements for the six months ending June 30, 2023[94]. - The company has adopted a standard code for directors' securities transactions, with all directors confirming compliance for the applicable period[96].
天津港发展(03382) - 2023 - 中期财报