Nanjing Iron & Steel proposes stable dividend despite revenue dip

Nanjing Iron & Steel (SSE:600282) announced its financial results for 2024, reporting a steel output of 9.33 million tons and revenue of CNY 61.81 billion, a 10% and 14.79% decrease year-over-year, respectively. However, net profit attributable to shareholders increased by 6.37% to CNY 2.26 billion. The company proposes a cash dividend of CNY 0.085 per share for the second half of 2024, totaling CNY 524 million and maintaining an overall dividend payout ratio of 50.45% of net profit for the year. Looking ahead to 2025, Nanjing Iron & Steel forecasts steel production of 9.9 million tons and revenue of CNY 63 billion, with continued investments in core business development. The annual general meeting will be held on April 9, 2025.