Essex Bio-Technology reports increased profit despite revenue dip in 2024

Essex Bio-Technology (HKEX:1061) reported a net profit of HKD307.2 million for fiscal year 2024, an 11.6% increase compared to the previous year, despite a 3.9% decrease in revenue to HKD1,669.8 million. The company attributes the revenue decline to "hawkish policies and measures" enacted by PRC regulators in the pharmaceutical and medical industry, but anticipates the impact to ease as these measures become familiar. The Board is recommending a final dividend of HKD0.06 per share, bringing the total dividend for the year to HKD0.12 per share, a 33.3% increase.