$YZJ Shipbldg SGD(BS6.SI)$ Yan

Yangzijiang Shipbuilding’s FY2024 net profit up 61.7% to a new high of RMB6.6 billion

Revenue rose 10.1% yoy to RMB26.5 billion in FY2024, driven by record shipbuilding revenue

from higher newbuild prices, along with stronger shipping revenue supported by improved charter rates and fleet expansion.

Gross profit jumped 40.6% yoy to RMB7.6 billion in FY2024, with gross profit margin up 6.3ppts to 28.7%, due to increased newbuild prices, a favourable foreign exchange rate, and lower raw material costs.

▪ Proposes a final dividend of 12 Singapore cents per ordinary share for FY2024, up 84.6% yoy.

This translates to a dividend payout ratio of 38.6% and a dividend yield of 4.0%.

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