Shenzhen Expressway Corporation (00737.HK) announced that the economic growth of cities along the expressway and the performance of toll road operations remained stable in the six-month period ending June 30, 2024. However, due to the implementation of the measure of free passage for 7-seater or fewer passenger vehicles during the first half of 2024 for a total of 17 days, an increase of 4 days compared to the same period last year, the net toll revenue in the review period increased by a slight 1% to approximately RMB 1.248 billion. The contract sales amount of Urban Park amounted to approximately RMB 0.422 billion in the review period.
The net profit attributable to shareholders of the company increased by 40% annually to approximately RMB 0.241 billion, mainly due to (i) the adjustment of the amortization expenses of the Guangshen Expressway disclosed in the 2023 annual report, which resulted in a year-on-year decrease in the group's share of its depreciation and amortization expenses; and (ii) a decrease in net foreign exchange losses.
The interim dividend for the year 2024 is RMB 7.80 per share (equivalent to HKD 8.522358 cents per share), with a dividend payout ratio equivalent to 100% of the net profit attributable to shareholders of the company for the six months ending on June 30, 2024.
