Nanjing Iron & Steel proposes $72m dividend despite revenue dip

Nanjing Iron & Steel (SSE: 600282) announced a plan to distribute a cash dividend of approximately ¥524 million ($72 million) for the second half of 2024, bringing the total annual dividend to ¥1.14 billion. This decision comes despite the company reporting a 14.79% year-over-year decrease in revenue, totaling ¥61.81 billion for the year. The proposed dividend distribution, which equates to ¥0.085 per share, is subject to shareholder approval. The company reported a net profit attributable to shareholders of ¥2.26 billion for 2024, a 6.37% increase compared to the previous year, and the total dividend payout represents 50.45% of the company's net profit. The company has earmarked ¥19 million for future carbon reduction projects. The board’s decision to recommend the significant dividend highlights their commitment to shareholder returns despite challenging market conditions.