ManpowerGroup Greater (2180.HK) Q3 2024 Earnings Report

ManpowerGroup Greater China Limited reported QQ3 2024 revenue of 1,661,042,500 CNY, up 19.7% year-over-year and 12.7% quarter-over-quarter, driven by sustained demand for workforce solutions and HR services across Greater China. The company generated robust operating cash flow of 60,349,500 CNY and free cash flow of 59,542,000 CNY, underpinning a strong liquidity position with a net cash balance (net debt) of -717,000,000 CNY. Despite healthy top-line growth, profitability remains modest, with gross margin around 10.0% and net margin near 2.27%, reflecting cost structures typical of a staffing and employment-services franchise in a competitive Chinese market.

Key profitability metrics show an improving operating income of 51,709,000 CNY (operating margin ~3.11%) and EBITDA of 55,310,000 CNY (EBITDA margin ~3.33%). Net income rose to 37,728,500 CNY, translating to earnings per share (EPS) of 0.19 CNY. A notable feature of the QQ3 2024 period is working-capital dynamics: a negative change in working capital of 214,242,500 CNY largely driven by higher accounts receivable (net receivables of 1,253,144,000 CNY) and related working-capital needs, partially offset by non-cash items of 226,263,000 CNY.

The balance sheet shows substantial liquidity and modest leverage, with total assets of 2,552,119,000 CNY and total liabilities of 1,175,271,000 CNY, yielding total stockholders’ equity of 1,253,000,000 CNY. The company carries a low debt burden (total debt 35,377,000 CNY; net debt negative due to cash and equivalents), a current ratio near 2x, and a cash ratio around 0.67x, indicating solid near-term liquidity. Management commentary (where available) was not included in the provided transcript data; as such, forward guidance is not cited from the call. Investors should monitor macro China HR demand, competitive dynamics, and working-capital management going forward.