Anhui Expressway reported first-half 2026 net profit attributable to shareholders of USD 1.01 billion, up 4.89 % year-on-year, despite a 13.75 % decline in total revenue to USD 3.23 billion caused by a sharp drop in construction service income. Excluding construction services, core operating revenue edged 0.74 % higher to USD 2.54 billion, supported by stable toll income of USD 2.47 billion, up 0.92 %.
Gross profit reached USD 1.42 billion, and total profit climbed 10.43 % to USD 1.41 billion. Basic earnings per share increased to RMB 0.5896 versus RMB 0.5771 a year earlier, while operating cash flow expanded 12.57 % to USD 1.72 billion. The company’s weighted average return on equity improved to 7.60 %.
By 30 June 2026, total assets stood at USD 32.14 billion, 5.71 % higher than at year-end 2025, driven by new equity stakes and ongoing expansion projects. Net assets attributable to shareholders slipped 1.60 % to USD 12.60 billion after payment of a USD 1.13 billion cash dividend for 2025.
Traffic volume across the firm’s 745 km managed network increased 1.06 %, lifting toll revenue despite adverse weather and new competing routes. Guangxuan Expressway was the top performer, with toll revenue up 37.41 % following its capacity upgrade, while Anqing Yangtze River Bridge and Sixu Expressway saw double-digit revenue declines due to traffic diversion.
Capital deployment accelerated. Anhui Expressway finalised a 7 % stake purchase in Shandong Hi-Speed for USD 3.02 billion, received a USD 142 million dividend from the new associate, and added shares in Shenzhen Expressway. The group also joined a consortium that secured the S19 Huainan–Tongcheng Expressway concession, contributing USD 14.47 million to the project company. Investment outflows pushed net cash used in investing activities to USD 2.28 billion.
Major organic projects progressed: RMB 536 million (USD 74.1 million) was invested in the reconstruction and expansion of the G50 Gaojie Expressway, bringing cumulative spending to RMB 1.60 billion (USD 221.5 million). The G30 Lianhuo Expressway expansion commenced with RMB 155 million (USD 21.4 million) invested to date.
Net interest-bearing debt rose to USD 11.07 billion, reflecting new bank loans of USD 1.05 billion supporting project builds and refinancing. The average interest burden increased, lifting finance costs 62.54 % to USD 153.87 million, though interest-coverage ratios remained above 9 times.
Looking ahead, management flagged continued policy and traffic diversion risks but affirmed its focus on disciplined capital allocation, smart-road upgrades and cost control to sustain earnings growth and dividends. No interim dividend was proposed.