Finance
CITIC Ltd.
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- China's feeble construction sector dims outlook for GDP rebound Apr 18, 2020 See more articles on CITIC Ltd.
Company Background
Citic is China's largest state-run conglomerate. It is engaged in a wide variety of businesses, from property development to heavy industry to resources, though its primary focus is the financial sector, including banking and securities. It is affiliated with Japanese trading house Itochu and Thai conglomerate Charoen Pokphand Group.
Subsidiaries Citic Securities, China's largest securities company, and China Citic Bank, a second-tier bank, generate steady revenues.
One group business that has been struggling is Citic's iron ore mine development project in Western Australia.
In 2014, Citic transferred its assets, including shares in group companies, from its unlisted intermediary holding company to its Hong Kong-based listed company as part of reforms of state-run companies. State-run investment funds, such as Qatar Holding and Singapore's Temasek Holdings, invested in the Hong Kong company.
Citic got its start as China International Trust and Investment Corp., which was established in 1979 with the backing of Deng Xiaoping.
Citic founder Rong Yiren was dubbed the "Red Capitalist" and later served as vice president of China. Citic Chairman Chang Zhenming is known to have close ties with Chinese President Xi Jinping.
Business Summary
CITIC Ltd. is an investment holding company, which engages in finance, energy, engineering, manufacturing, and real estate businesses. It operates through the following segments: Financial Services, Resources and Energy, Manufacturing, Engineering Contracting, Real Estate, and Other Businesses. The Financial Services spans the banking, trust, asset management, securities and insurance services. The Resources and Energy segment comprises of the exploration, processing, and trading of resources and energy products, including crude oil, coal, and iron ore. The Manufacturing segment includes manufacturing of special steels, heavy machineries, aluminium wheels, and other products. The Engineering Contracting segment involves contracting and design services for infrastructure, real estate, and industrial projects, etc. The Real Estate segment manages the development, sale and holding of properties. The Other Businesses segment focuses on investment and operation of infrastructures, telecommunication services, motor and food and consumer products business, commercial aviation services, publication services, and others. The company was founded in 1979 and is headquartered in Hong Kong.
Financial Highlights
| Dec 2020 | HKD | USD |
| Revenue | 552,949M | 71,293.10M |
| Gross Profit | 276,644M | 35,668.40M |
| Operating income | 179,438M | 23,135.39M |
| Income before tax | 83,225M | 10,730.40M |
| Net income | 56,628M | 7,301.19M |
| EBITDA | 199,210M | 25,684.64M |
| Diluted EPS | 1.94 | 0.25 |
| Dividends Per Share | 0.48 | 0.06 |
| Total Assets | 9,740.82B | 1,256.25B |
| Total liabilities | 8,732.18B | 1,126.17B |
| Total equity | 674,276M | 86,960.15M |
| Operating cash flow | 324,801M | 41,877.41M |
| Currency in HKD | Currency in USD |
Historical Data
| Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | |
| Revenue | 381,662M | 450,536M | 533,285M | 566,497M | 552,949M |
| Gross Profit | 215,339M | 227,667M | 262,422M | 283,349M | 276,644M |
| Operating income | 130,833M | 137,256M | 144,084M | 172,131M | 179,438M |
| Income before tax | 65,592M | 69,330M | 83,269M | 82,458M | 83,225M |
| Net income | 32,809M | 43,902M | 50,239M | 53,903M | 56,628M |
| EBITDA | 143,125M | 151,427M | 159,175M | 193,937M | 199,210M |
| Diluted EPS | 0.93 | 1.51 | 1.72 | 1.85 | 1.94 |
| Dividends Per Share | 0.33 | 0.36 | 0.41 | 0.46 | 0.48 |
| Total Assets | 7,239.48B | 7,520.73B | 7,660.71B | 8,289.92B | 9,740.82B |
| Total liabilities | 6,550.68B | 6,734.97B | 6,850.05B | 7,395.43B | 8,732.18B |
| Total equity | 483,129M | 543,078M | 558,545M | 591,526M | 674,276M |
| Operating cash flow | 237,974M | -74,070M | 82,403M | 136,057M | 324,801M |
| Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | |
| Revenue | 49,167.67M | 57,814.26M | 68,042.35M | 72,301.55M | 71,293.10M |
| Gross Profit | 27,741.08M | 29,214.98M | 33,482.67M | 36,163.60M | 35,668.40M |
| Operating income | 16,854.58M | 17,613.14M | 18,383.81M | 21,968.94M | 23,135.39M |
| Income before tax | 8,449.90M | 8,896.65M | 10,624.37M | 10,524.04M | 10,730.40M |
| Net income | 4,226.62M | 5,633.64M | 6,410.04M | 6,879.59M | 7,301.19M |
| EBITDA | 18,438.10M | 19,431.61M | 20,309.29M | 24,752.02M | 25,684.64M |
| Diluted EPS | 0.11 | 0.19 | 0.22 | 0.23 | 0.25 |
| Dividends Per Share | 0.04 | 0.04 | 0.05 | 0.05 | 0.06 |
| Total Assets | 933,748.07M | 962,063.48M | 978,460.95M | 1,063.92B | 1,256.25B |
| Total liabilities | 844,906.76M | 861,546.93M | 874,919.78M | 949,130.24M | 1,126.17B |
| Total equity | 62,313.89M | 69,471.29M | 71,339.89M | 75,916.47M | 86,960.15M |
| Operating cash flow | 30,657.04M | -9,504.90M | 10,513.87M | 17,364.84M | 41,877.41M |
Valuation Measures
| Dec 2020 | |
| PER | 2.82 |
| ROA | 0.62% |
| ROE | 8.94% |
| Operating margin | 32.45% |
| Profit margin | 10.24% |
Key executives
- Vice Chairman & President: Guo Hua Xi
- Executive Director & Vice President: Qing Ping Li
- Vice President: Zheng Jun Liu
- Vice President & Member of the Executive Committee: Zhu Gaoming
- Joint Secretary: Wing Kay Choy
Shareholders
- Government of China (58.1%)
- Chia Tai Bright Investment Co. Ltd. (20%)
- The Vanguard Group, Inc. (0.5%)
- BlackRock Fund Advisors (0.3%)
- Hang Seng Investment Management Ltd. (0.2%)
- Dimensional Fund Advisors LP (0.2%)
- Norges Bank Investment Management (0.2%)
- Tokio Marine Holdings, Inc. (0.1%)
- State Street Global Advisors Asia Ltd. (0.1%)
- BlackRock Advisors (UK) Ltd. (0.1%)
Contact Details
- Website:http://www.citic.com
- Address: 32nd floor, CITIC Tower, 1 Tim Mei Avenue Central, Hong Kong, Hong Kong
- Phone: +852.2820.2111
Related Companies
- CITIC Energy Ltd.
- CITIC China Coal Jiangyin Terminal Co., Ltd.
- CITIC Construction Engineering Quality Inspection Co., Ltd.
- CITIC Tourism Group Co., Ltd.
- CITIC Building Property Management Co.. Ltd.
- CITIC Capital Mansion Co., Ltd.
- CITIC Engineering Design & Construction Co., Ltd.
- CITIC Finance Company International Ltd.
- CITIC Mining International Ltd.
- CITIC Asset Operation Co.,Ltd.
- CITIC Finance Co., Ltd.
- CITIC Pacific Ltd.
- Dynasty One Investments Ltd.
- CITIC Pacific Trading Co. Ltd.
- CITIC Dicastal (Europe) Investment Holdings GmbH & Co. KG
- Pacific Resources Trading Pte Ltd.
- Transshipment Leasing Pte Ltd.
- CITIC Pacific Finance (2005) Ltd.
- Medea Group
- CITIC Urban Development & Operation Co., Ltd.
- CITIC Construction Fund Management Co., Ltd.
- CITIC (Jiangyin) Terminal Co., Ltd.
- CITIC Kazakhstan LLP
- Affluent East Investments Ltd.
- Talisgold Ltd.
- Metal Link Ltd.
- CITIC Pacific Ltd. (British Virgin Islands)
- CITIC Heye Investment Co., Ltd
- Goldon Investment Ltd.
- Loreto Maritime Pte Ltd.
Competitors
- China Grand Automotive Services Group Co., Ltd. Class A
- Iochpe Maxion S.A.
- Superior Industries International, Inc.
- Le Belier SA
- Shiloh Industries, Inc.
- Howmet Aerospace Inc.
- MARTINREA International Inc.
- Champion Iron Ltd.
- Guizhou Guihang Automotive Components Co., Ltd. Class A
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Last Updated on 14 May, 2021
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