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Finance

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 HKDUSD
Revenue552,949M71,293.10M
Gross Profit276,644M35,668.40M
Operating income179,438M23,135.39M
Income before tax83,225M10,730.40M
Net income56,628M7,301.19M
EBITDA199,210M25,684.64M
Diluted EPS1.940.25
Dividends Per Share0.480.06
Total Assets9,740.82B1,256.25B
Total liabilities8,732.18B1,126.17B
Total equity674,276M86,960.15M
Operating cash flow324,801M41,877.41M
Currency in HKDCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 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 2016Dec 2017Dec 2018Dec 2019Dec 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
PER2.82
ROA0.62%
ROE8.94%
Operating margin32.45%
Profit margin10.24%

Key executives

  • Vice Chairman & President: Guo Hua Xi
  • Executive Director & Vice President: Qing Ping Li
  • Vice President: Zheng Jun Liu
  • Vice President: Guo Quan Wang
  • Vice President & Member of the Executive Committee: Zhu Gaoming

Shareholders

  • Government of China (58.1%)
  • Chia Tai Bright Investment Co. Ltd. (20%)
  • The Vanguard Group, Inc. (0.5%)
  • BlackRock Fund Advisors (0.4%)
  • Hang Seng Investment Management Ltd. (0.2%)
  • Norges Bank Investment Management (0.2%)
  • Dimensional Fund Advisors LP (0.2%)
  • Tokio Marine Holdings, Inc. (0.1%)
  • State Street Global Advisors Asia Ltd. (0.1%)
  • Ninety One 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 Group 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.
  • New China Life Insurance Co., Ltd. Class H
  • Howmet Aerospace Inc.
  • MARTINREA International Inc.
Last Updated on 17 Sep, 2021

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