Reported 7 months ago
New Light Steel (2031) held a shareholders' meeting on June 14, 2024, at 4:10 PM, approving a cash dividend of 3 yuan. The company believes that the global economy's continuous recovery and international investment in innovative and sustainable infrastructure to address extreme weather conditions will support global steel demand. With the increase in domestic demand due to the forward-looking plan, which expands the rigid economic construction funds to over 600 billion yuan, New Light Steel is expected to see growth momentum, targeting sales of 500,000 tons this year. Despite a 6.3% decrease in total revenue to 16.075 billion yuan last year, New Light Steel's net profit after tax soared by 320.05% to 1.655 billion yuan, and EPS jumped from 1.23 yuan in 2022 to 5.15 yuan last year. In the first quarter of this year, New Light Steel's revenue of 3.466 billion yuan decreased compared to the same period last year, but profits from investments in Century Steel led to increased net profits and EPS compared to the same period last year.
Source: YAHOO