Xingda International warns of profit decline up to 50%

Xingda International Holdings Limited (HKEX: 1899) has issued a profit warning, projecting a decrease in net profit attributable to owners of the Company in the range of 35% to 50% for the year ended December 31, 2024 (“FY2024"). This compares to a net profit of approximately RMB449.4 million (approximately HK$480.9 million) for the previous year. The anticipated decline is primarily attributed to increased competition within the steel cord trading industry, resulting in lower average selling prices and reduced gross profit margins. Additionally, the company faced a notable increase in average ocean freight costs. The information is based on preliminary unaudited consolidated management accounts and is subject to change pending finalization and audit. Shareholders and potential investors are advised to exercise caution and review the full FY2024 results announcement expected by the end of March 2025.