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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: Comprehensive Financial Services, Advanced Intelligent Manufacturing, Advanced Materials, New Consumption, and New-Type Urbanisation. The Comprehensive Financial Services segment spans the banking, trust, asset management, securities and insurance services. The Advanced Intelligent Manufacturing segment includes manufacturing of special steels, heavy machineries, aluminium wheels, and other products. The Advanced Materials segment comprises of the exploration, processing, and trading of resources and energy products, including crude oil, coal, and iron ore. The New Consumption 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 New-Type Urbanisation segment manages the development, sale and holding of properties. The company was founded in 1979 and is headquartered in Beijing, China.

Financial Highlights

Dec 2021 HKDUSD
Revenue708,936M91,206.85M
Gross Profit311,412M40,064.13M
Operating income191,489M24,635.66M
Income before tax103,578M13,325.63M
Net income70,222M9,034.28M
EBITDA212,709M27,365.68M
Diluted EPS2.410.31
Dividends Per Share0.600.07
Total Assets10,685.52B1,370.58B
Total liabilities9,519.93B1,221.08B
Total equity751,407M96,379.95M
Operating cash flow-133,877M-17,223.69M
Currency in HKDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 450,536M 533,285M 566,497M 552,949M 708,936M
Gross Profit 227,667M 262,422M 283,349M 276,644M 311,412M
Operating income 137,256M 144,084M 172,131M 179,438M 191,489M
Income before tax 69,330M 83,269M 82,458M 83,225M 103,578M
Net income 43,902M 50,239M 53,903M 56,628M 70,222M
EBITDA 151,427M 159,175M 193,937M 199,210M 212,709M
Diluted EPS 1.51 1.72 1.85 1.94 2.41
Dividends Per Share 0.36 0.41 0.46 0.48 0.60
Total Assets 7,520.73B 7,660.71B 8,289.92B 9,740.82B 10,685.52B
Total liabilities 6,734.97B 6,850.05B 7,395.43B 8,732.18B 9,519.93B
Total equity 543,078M 558,545M 591,526M 674,276M 751,407M
Operating cash flow -74,070M 82,403M 136,057M 324,801M -133,877M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 57,814.26M 68,042.35M 72,301.55M 71,293.10M 91,206.85M
Gross Profit 29,214.98M 33,482.67M 36,163.60M 35,668.40M 40,064.13M
Operating income 17,613.14M 18,383.81M 21,968.94M 23,135.39M 24,635.66M
Income before tax 8,896.65M 10,624.37M 10,524.04M 10,730.40M 13,325.63M
Net income 5,633.64M 6,410.04M 6,879.59M 7,301.19M 9,034.28M
EBITDA 19,431.61M 20,309.29M 24,752.02M 25,684.64M 27,365.68M
Diluted EPS 0.19 0.22 0.23 0.25 0.31
Dividends Per Share 0.04 0.05 0.05 0.06 0.07
Total Assets 962,063.48M 978,460.95M 1,063.92B 1,256.25B 1,370.58B
Total liabilities 861,546.93M 874,919.78M 949,130.24M 1,126.17B 1,221.08B
Total equity 69,471.29M 71,339.89M 75,916.47M 86,960.15M 96,379.95M
Operating cash flow -9,504.90M 10,513.87M 17,364.84M 41,877.41M -17,223.69M

Valuation Measures

Dec 2021
PER3.18
ROA0.68%
ROE9.85%
Operating margin27.01%
Profit margin9.90%

Key executives

  • Vice Chairman & President: Guo Hua Xi
  • Vice President: Zheng Jun Liu
  • Vice President: Guo Quan Wang
  • Vice President-Telecom Project Development: Bing Chi Li
  • Deputy General Manager: He Ying Fang

Shareholders

  • Government of China (58.1%)
  • Chia Tai Bright Investment Co. Ltd. (20%)
  • The Vanguard Group, Inc. (0.5%)
  • BlackRock Fund Advisors (0.4%)
  • State Street Global Advisors Asia Ltd. (0.2%)
  • Tokio Marine Holdings, Inc. (0.1%)
  • Dimensional Fund Advisors LP (0.1%)
  • Norges Bank Investment Management (0.1%)
  • BlackRock Advisors (UK) Ltd. (0.1%)
  • Geode Capital Management LLC (0.1%)

Contact Details

  • Website:http://www.citic.com
  • Address: CITIC Tower, No. 10 Guanghualu, Beijing, 100020, China
  • Phone: +852 2820 2111

Related Companies

  • Cape Preston Resource Holdings Pty Ltd.
  • 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.

Competitors

  • China Grand Automotive Services Group Co., Ltd. Class A
  • Iochpe Maxion S.A.
  • Superior Industries International, Inc.
  • Howmet Aerospace Inc.
  • MARTINREA International Inc.
  • Georg Fischer AG
Last Updated on 7 Dec, 2022

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