Chongqing department store approves cash dividend despite internal control audit

Chongqing Department Store (SSE:600729) announced its plans to distribute a cash dividend of CNY 600 million for FY2024. This decision, approved by the board, signifies confidence in operational stability despite existing, albeit non-major, internal control deficiencies. The per-share dividend is set at CNY 1.36216, aligning with a 45.64% payout ratio based on a net profit of CNY 1.31 billion attributable to shareholders. The distribution will exclude shares repurchased for equity incentive programs. Additionally, the company disclosed findings from its internal control evaluation and audit, where the audit firm, Tianjian Certified Public Accountants, found the financial statements to be in order. There were no indications of non-compliant transfers of proceeds and all audit plans are in order. The company will maintain the same amount of dividend, if any further shares are issued. The annual meeting will ratify any changes to the dividend payout.