Hengyuan Coal & Electricity proposes CNY324m dividend despite profit drop

Anhui Hengyuan Coal & Electricity (SSE:600971) has announced plans to distribute a cash dividend of CNY324 million, or CNY2.7 per 10 shares (inclusive of tax), at its 2024 Annual General Meeting. This comes despite the company reporting a net profit attributable to shareholders of CNY1.07 billion, marking a 47.35% decrease compared to the previous year. The proposed dividend payout represents 52.61% of the company's net profit. The company's total revenue decreased by 10.45% to CNY6.97 billion and profit before tax dropped by 44.15% to CNY12.72 billion. The board of directors approved these results and the dividend proposal, which now awaits shareholder approval. The company also outlined its 2025 operational plans, including production targets and revenue forecasts, alongside discussions on related party transactions, board member performance, and independent director assessments.