Jinwu Financial News | Lee & Man Paper (02314)'s profit fell 11.33% last year, but the stock price rose in the short term in the afternoon. The stock price temporarily rose to HK$2.4, up 7.62%, with a turnover of HK$2.389 million.
According to the results announcement, profit attributable to shareholders for the year ended December 31, 2023 was $1,051 million (HK$, same below), a year-on-year decrease of 11.33%. Basic earnings per share were 24.39 cents. A final dividend of 6.1 cents per share is proposed, with a dividend payout ratio of approximately 35%. During the period, the Group's revenue was 24.937 billion yuan, a year-on-year decrease of 14.5%. The total sales volume during the period reached 6.54 million tons, and the average net profit per ton of products was 176 yuan.
According to the announcement, the Group has actively promoted a vertical business model, added pulp production capacity and put into operation one after another. The Group's performance in the second half of the year improved markedly compared to the first half of the year.