Sportswear company Li Ning reported 13% rise in H1 revenue, resumed dividend payout

 

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

 

 

Chinese sports goods company Li Ning’s shares jumped as much as 6% in Hong Kong before closing 0.8% higher.

The company reported that its first-half revenue grew by 13% year over year to 14.019 billion yuan, while net profit fell 3.1% to 2.121 billion yuan. Earnings per share was 80.63 fen. 

The company resumed dividend payout, declaring an interim dividend of 36.2 fen per share, compared to no dividend in the year-ago period.

Li Ning said that the market is gradually recovering, but the environment for business operations remains under pressure. 

Although it may be difficult to fulfil the targets set at the beginning of the year, the company will maintain the target of a middle 10%-20% in revenue growth and net profit margin for the year, it said.

Li Ning’s business performance for the third quarter is in line with expectations and in view of it healthy financial position, it has decided to pay an interim dividend, hoping to be able to continue to do so in 2024 and 2025.

The company group does not have a specific target for the number of new stores to be opened, and it will seize the opportunity in the future when they emerges in the future, it said.