CIMC Group (02039) Fa Yingxi expects net profit to increase by 233% to 304% year-on-year in the first three quarters

According to the Zhitong Finance App, CIMC Group (02039) announced that the consolidated net profit range attributable to shareholders and other equity holders of the parent company for the nine months ending September 30, 2024 is RMB 1,650 billion to RMB 2 billion, an increase of 233% to 304% over the same period last year.

The Group's net profit attributable to shareholders and other equity holders of the parent company for the nine months ended September 30, 2024 is expected to increase compared to the same period last year. The main reasons are: the cyclical recovery of the container transportation industry in the first three quarters of 2024, and due to factors such as the Red Sea incident lengthening travel distances, the sales volume of standard dry containers in the Group's container manufacturing business rose sharply year-on-year. The business revenue and net profit of this segment increased significantly compared to the same period last year; at the same time, the revenue and net profit for the first three quarters of 2024 increased compared to the same period last year; at the same time, The sharp appreciation of the RMB exchange rate against the US dollar during the third quarter of 2024 compared to the end of the second quarter caused a certain amount of exchange loss. Combined with the above factors, the Group's net profit attributable to shareholders and other equity holders of the parent company from January to September 2024 is expected to increase as compared to the same period last year.