Tianjin Development profit grows to $264m in H1

This is up from $115m in the same period in 2020.

Tianjin Development Holdings Limited reported its profit increased to $264m in the first half of the year, up from $115m in 2020.

Revenue over the period amounted to $2.01b, representing an 18.5% increase from $1.70b.  

Of this, the utilities and pharmaceutical business segments accounted for $791m and $779m, respectively.

Its electrical and mechanical segment generated $428m, whilst its hotel segment contributed $18m worth of revenue.

“The company will continue to promote steady business growth and accelerate the pace of business integration,” Tianjin Development Executive Director and General Manager Chen Yanhua said.

“Meanwhile, the Company will adhere to its discipline of prudent financial management as well as maintain adequate financial resources. We are optimistic for the future.”

The company declared an interim dividend of HK3.45 cents per share.

The group currently has 21% equity interest in Tianjin Port Development Holdings Limited, 16.55% in Otis Elevator (China) Investment Company Limited and 4.07% in Binhai Investment Company Limited.

It also holds a 12.15% interest in Tasly Holdings Group Ltd.