According to the announcement from Bay Area Development (00737) on its 2024 interim results, the revenue was RMB 0.448 billion, a year-on-year growth of 0.84%. The attributable net profit to equity shareholders of the company increased by 40% year-on-year to approximately RMB 0.241 billion, with earnings per share of 7.81 cents and an interim dividend per share of RMB 7.80 cents.

During the review period, the net toll revenue of Guangshen Expressway, Guangzhou-Zhuhai West Expressway, and Shenzhen section of the Yangtze River Expressway totaled approximately RMB 2.331 billion, a year-on-year increase of 1%. Although the cities along the expressways saw economic growth, the toll revenue remained stable mainly due to the 7-day free passage for vehicles with 7 or fewer seats during the holidays, which was implemented for a total of 17 days in the first half of 2024, 4 days more than the same period last year. The average daily toll revenue and the average daily mixed traffic volume of Guangshen Expressway increased by 0.3% and decreased by 4% year-on-year, respectively, to approximately RMB 7.71 million and 0.604 million vehicles; the average daily toll revenue and the average daily mixed traffic volume of Guangzhou-Zhuhai West Expressway increased by 0.6% and decreased by 3% year-on-year, respectively, to approximately RMB 3.43 million and 0.253 million vehicles; the average daily toll revenue and the average daily mixed traffic volume of the Shenzhen section of the Yangtze River Expressway increased by 2% and decreased by 1% year-on-year, respectively, to approximately RMB 1.67 million and 0.18 million vehicles.

The cities along the expressways saw economic growth, and the operation of toll roads remained stable. However, due to the implementation of the 7-day free passage for vehicles with 7 or fewer seats during the first half of 2024, which lasted for a total of 17 days, 4 days more than the same period last year, the net toll revenue for the review period increased by a slight 1% to approximately RMB 1.248 billion.

According to the announcement, the growth in net profit was mainly due to the impact of the adjustment of the amortization amount of Guangshen Expressway disclosed in the 2023 annual report, resulting in a year-on-year decrease in the group's share of depreciation and amortization expenses. Additionally, the net exchange loss decreased year-on-year.