Gelonghui, March 19 | Bay Area Development (00737.HK) announced that in the annual results for the year ended December 31, 2023, net toll revenue increased 28% year-on-year to approximately RMB 2,582 billion, mainly due to (i) restorative growth in domestic social transportation volume; and (ii) the steady growth of urban economies along highways, and toll road operating performance grew in sync with economic performance. As scheduled, Park Uptown Phase 1 residential units will be delivered to buyers in the third quarter of 2023, providing a profit contribution to the Group. The Guangzhou-Shenzhen section of the Beijing-Hong Kong-Macau Expressway has made substantial progress in 2023 as the Group's key promotion project. Among them, construction of the Guangzhou Huocun to Dongguan Chang'an section of the Beijing-Hong Kong-Macau Expressway and the Guangzhou Huangcun to Huocun section of the Guangzhou-Foshan Expressway will gradually commence before the end of 2023.
Profit attributable to the company's equity shareholders increased 89% year-on-year to approximately RMB 528 million, mainly due to (i) the increase in toll revenue; (ii) the return of responsibility for pavement resurfacing on the Guangzhou-Shenzhen Expressway; and (iii) the increase in the performance of the Park Uptown Project. The recommended final dividend is RMB 11.55 per share, and the regular dividend rate for the whole year is 100%.
In 2023, China's economic operation maintained a positive trend and has entered a trend recovery path. Production and consumption have steadily rebounded, and the growth momentum has continued to increase. As the economy recovers, domestic social transportation volume has also shown restorative growth, and residents' travel continues to resume, driving a sharp increase in traffic and tolls on the Guangzhou-Shenzhen Expressway, Guangzhou-Zhuxi Expressway, and the Yanjiang Expressway (Shenzhen section).