Guangdong Investment Limited (“Guangdong Investment”) reported solid first-half 2026 results, with profit attributable to shareholders from continuing operations up 8.7 % year on year to HK$2.94 billion. Including discontinued operations, attributable profit also reached HK$2.94 billion, a 9.5 % increase versus the prior-year period.
Revenue from continuing operations rose 8.4 % to HK$10.22 billion, driven chiefly by a 7.9 % expansion in water-resources turnover to HK$7.72 billion. Group profit before tax advanced 9.9 % to HK$4.51 billion, supported by growth in the core water business, a HK$123.51 million gain on disposal of a 35 % stake in Guangdong Aeon Teem, and a HK$17.79 million net exchange gain versus a loss a year earlier.
Operating metrics remained robust: • Total assets increased to HK$108.61 billion, up HK$6.87 billion from end-2025. • Cash and bank balances stood at HK$14.89 billion. • Net gearing edged to 20.3 % (31 Dec 2025: 19.7 %), with total borrowings of HK$22.67 billion, 80.2 % of which are Renminbi-denominated. • EBITDA/finance-cost coverage improved to 20.1 times (31 Dec 2025: 15.9 times).
Segment highlights • Dongshen Water Supply Project delivered HK$3.56 billion revenue, up 1.7 %, supplying 1.11 billion tonnes of water. • Other water projects lifted revenue 13.7 % to HK$4.19 billion on capacity expansion to 11.83 million tonnes per day. • Property-investment turnover rose 6.7 % to HK$876.69 million, with near-full occupancy at flagship Teem-branded malls. • Department-store revenue grew 4.2 % to HK$225.52 million despite store rationalisation. • Hotel revenue climbed 6.7 % to HK$359.24 million, aided by higher room rates. • Energy sales from Zhongshan GDH Energy increased 17.1 % to HK$901.44 million; power output rose 3.9 % to 1.75 billion kWh. • Toll-road income from Xingliu Expressway gained 2.6 % to HK$297.35 million.
Investment activity • Acquired 51 % of Shantou Chenghai Yuehai Water Supply for RMB163.20 million (HK$184.82 million). • Purchased 51 % of Bestwise Envirotech for HK$44.39 million, expanding engineering capabilities. • Announced RMB500 million corporate bond issue for subsidiary Guangdong Yuehai Water Investment on 27 August 2026.
Dividend The Board declared an interim dividend of HK$0.2919 per share (1H 2025: HK$0.2666), payable on or about 28 October 2026 to shareholders on record as of 15 September 2026. Investors may elect to receive the payout in Hong Kong dollars or Renminbi.
Governance notes After a brief vacancy, Mr. Wang Min was appointed Acting Chairman on 30 March 2026, restoring compliance with Listing Rule 3.27A regarding board nomination committee leadership. Directors confirmed adherence to the company’s securities-dealing code derived from the Hong Kong Stock Exchange’s Model Code.
Outlook Management reiterated a strategy of stabilising core water-resources operations, pursuing precision management and selective expansion, while monitoring macro-economic conditions and maintaining a prudent financial profile.
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