Yihe Holdings (00838) announced its 2023 annual results, with net profit of HK$237 million, up 15.1% year on year

Zhitong Finance ·  Mar 28 06:46

Yihe Holdings (00838) announced results for the year ended December 31, 2023, with revenue of HK6.183 billion...

According to the Zhitong Finance App, Yihe Holdings (00838) announced results for the year ended December 31, 2023, with revenue of HK$6.183 billion. Overall gross margin increased by 0.9 percentage points to 20.9% compared to last year (2022:20.0%). Profit attributable to shareholders increased 15.1% year-on-year to HK$237 million. The increase was mainly due to effective cost control brought about by the Group's lean production and other policies, the synergy benefits brought about by integrating the production capacity of 100 million and intelligent manufacturing acquired in 2021, including reduced operating costs such as wages, rent and administrative expenses, as well as confirmed one-time income related to the calculation of employee compensation expenses of 100 million and intelligent manufacturing, and exchange gains from the appreciation of the Mexican peso.

Excluding the one-time income and exchange gains and losses from 100 million and intelligent manufacturing plant leases, the operating profit before interest and tax from the main business was HK$332.6 million, an increase of about 19.1%. It can be seen that the Group's active implementation of measures to reduce costs and increase efficiency in an environment where interest is high but market conditions are weak, have also borne fruit. Basic earnings per share increased by 15.3% year-on-year to HK$13.6 cents, with a proposed final dividend of HK$1.99 cents per common share.

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