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EQS-News / 28/03/2018 / 21:46 UTC+8
*PRESS RELEASE*
28 March 2018
2017 FULL-YEAR RESULTS
CITIC Limited ("the company") today announced its results for the full-year
ended 31 December 2017.
*HIGHLIGHTS*
_HK$ million_ *2017* 2016 (Restated)
Profit attributable to ordinary *43,902* 43,146
shareholders
Earnings per share (HK$) *1.51* 1.48
Dividend per share (HK$) *0.36* 0.33
*As at 31 Dec* As at 31 Dec
Total ordinary shareholders' *550,951* 491,002
funds and
perpetual capital securities
For the year 2017, CITIC Limited recorded a profit attributable to ordinary
shareholders of HK$43.9 billion compared with HK$43.1 billion in 2016. Most
businesses experienced growth in both revenue and profit. However, results
were hindered by a non-cash impairment charge of HK$7.2 billion on the Sino
Iron project in Western Australia.
The board recommends a final dividend payment of HK$0.25 per share, giving
shareholders a total of HK$0.36 per share for the year 2017, 9% more than last
year.
*Financial Services *recorded a profit of HK$39.5 billion, representing a 3%
increase over 2016. CITIC Bank's profit grew by 2% to RMB42.6 billion. In
2017, CITIC Bank reduced its interbank business and together with higher
funding interest rates affected its net interest income. However, non-interest
income continued to grow. Meanwhile, CITIC-Prudential's profit increased
significantly, driven by growth in premium income. Profit at both CITIC Trust
and CITIC Securities achieved double digit growth in 2017.
In the *Resources and Energy *sector, CITIC Resources recorded profit growth
of 43%, primarily driven by rising oil prices and continued efforts in cost
control and increases in productivity. CITIC Metal had a solid year, with
earnings growing by 70% as compared with 2016. Sino Iron shipped nearly 17
million wet metric tonnes of magnetite concentrate to steel mills in China
during 2017. It is now the largest seaborne supplier of magnetite concentrate
into China. However, the overall segment incurred a loss of HK$9.9 billion,
mainly attributable to a non- cash impairment charge on the Sino Iron project.
*Manufacturing *delivered a strong result, achieving HK$3.3 billion in profit,
up 91% over 2016. The special steel business sold 9.8 million tonnes of
products in 2017 and recorded a historically high profit of HK$2.1 billion, a
9% year-on-year increase. The addition of Qingdao Special Steel expanded CITIC
Pacific Special Steel's production capacity to 12 million tonnes
per annum, further solidifying its leading position in special steel
manufacturing in China. In 2017, CITIC Dicastal sold over 51 million aluminium
wheels and 77,000 tonnes of castings, driven by strong market demand for its
products. Its profit grew 17% to RMB1.0 billion. CITIC Heavy Industries also
contributed to the profit in 2017, thanks to the strong performance of its
specialty robotics business and improvements in its heavy machinery business.
*Engineering Contracting *recorded a profit of HK$1.7 billion, 3% higher than
2016. Throughout the year, CITIC Construction began constructing major
projects in Kazakhstan, Angola and the United Kingdom, while continuing to
develop business domestically and internationally, particularly along the Belt
and Road countries such as Armenia, Belarus and Thailand.
*Real Estate *recorded a profit of HK$7.7 billion, including the delivery of
two office buildings in Shanghai and a full year contribution from the
company's 10% equity investment in China Overseas Land & Investment Limited.
*Other Businesses *continued to contribute to the company's bottom line.
During the year, CITIC Agriculture Fund completed its acquisition of Dow
AgroSciences' corn seed business in Brazil and invested in Cherry Valley
Farms, one of the world's leading duck breeders based in the UK.
*About CITIC Limited*
CITIC Limited (SEHK: 267) is China's largest conglomerate with total assets of
more than US$900 billion. Among its diverse global businesses, CITIC Limited
focuses primarily on financial services, resources and energy, manufacturing,
engineering contracting and real estate. CITIC Limited enjoys leading market
positions in sectors well matched to China's economy. CITIC's rich history,
diverse platform and strong corporate culture across all businesses ensure
that CITIC Limited is unrivalled in capturing opportunities arising in China.
CITIC Limited is listed on the Stock Exchange of Hong Kong, where it is a
constituent of the Hang Seng Index. CITIC Group Corporation, a Chinese
state-owned enterprise, owns 58% of CITIC Limited. For more information about
CITIC Limited, please visit the company website at www.citic.com. [1]
*Media Enquiries:*
Brunswick Group Ltd (citic@brunswickgroup.com)
Ms Ginny WILMERDING Tel: 852 Ms Elaine LI Ms Veronica ZHAO Tel: 86
3512-5028 Tel: 852 3512-5032 10-5960-8675
Mobile: 852 9730-6376 Mobile: 852 9387-1132 Mobile: 86 139-1011-1496
gwilmerding@brunswickgroup.com eli@brunswickgroup.com xzhao@brunswickgroup.com
*Australian Contact: *Citadel-MAGNUS Michael WEIR
Tel: 61 8-6160-4900
Mobile: 61 402-347-032
MWeir@citadelmagnus.com
*Attachment:*
_- Announcement of the 2017 annual results is on CITIC Limited_'_s website:
_www.citic.com. [1]
_-The Annual Report 2017 will be posted on CITIC Limited_'_s website around 20
April 2018 and mailed to shareholders of record and others expressing interest
around 27 April 2018._
Document: http://n.eqs.com/c/fncls.ssp?u=EDLCJLTXPC [2]
Document title: CITIC Limited - 2017 FULL-YEAR RESULTS
28/03/2018 Dissemination of a Marketing Press Release, transmitted by EQS
Group.
The issuer is solely responsible for the content of this announcement.
Media archive at www.todayir.com
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2: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=367e5c019ac8d534f88efd0ac64b42e1&application_id=670009&site_id=vwd&application_name=news
(END) Dow Jones Newswires
March 28, 2018 09:47 ET (13:47 GMT)
