Steady growth in business performance:
In 2024, CITIC Limited recorded steady growth, achieving revenue of RMB752.87 billion and profit attributable to ordinary shareholders of RMB58.202 billion, representing year-on-year increases of 10.6% and 1.1%, respectively. By the end of the year, total assets exceeded RMB12 trillion, a 6.6% increase compared to 31 December 2023.
Growth in technological investment:
CITIC Limited focused on advancing new quality productive forces capabilities through technological innovation. In 2024, total investment in technology reached RMB25.2 billion, reflecting an 11% increase year-on-year. The intensity of this investment reached 3.34%.
Synergistic growth in financial services segment’s revenues and profits:
In 2024, CITIC Limited’s financial segment saw revenue and profit attributable to ordinary shareholders both increase by 4.3%, respectively. Bank, securities, and trust businesses reported increases in both revenue and profit. Asset quality improved steadily, with CITIC Bank’s non-performing loan ratio decreasing by 0.02 percentage points to 1.16%.
Rapid development of overseas business:
CITIC Limited committed to a strategy focusing on high-level “going global” and “bringing in”, while intensifying efforts to cooperate with overseas partners. In 2024, the share of overseas revenue increased by 1.4 percentage points to 15.1%, and the proportion of overseas assets rose by 0.6 percentage points to 9.6% by year-end.
Resilience in the non-financial segments’ performance:
In 2024, CITIC Limited’s non-financial segments recorded a 14.7% year-on-year increase in revenue, and profit attributable to ordinary shareholders experienced a slight decline of 2.4%. Businesses such as steel and property demonstrated good profitability despite industry headwinds, significantly outperforming peers.
Strategic unlocking of investment value:
CITIC Limited successfully disposed of its remaining shares in McDonald’s China. CITIC Metal reduced its stake in Ivanhoe Mines and facilitated the conversion of all convertible bonds. CITIC Resources completed the share exchange transaction with AWC and Alcoa. All these transactions secured favourable gains.
Increasing Dividend Payout Ratio:
The company plans to distribute a final dividend of RMB0.36 per share, resulting in a total annual dividend of RMB0.55 per share, which represents a year-on-year increase of 6.8%. The dividend payout ratio for the year is 27.5%, doubling from 13.4% at the time of its listing in 2014.
Improved credit rating:
In April 2024, S&P upgraded CITIC Limited’s issuer credit rating from BBB+ (positive) to A- (stable), marking the company’s highest level since 2016.