China Shipbuilding Power boosts performance, plans dividend

China Shipbuilding Industry Group Power (SSE:600482) announced a significant surge in its 2024 performance, attributing the gains to strong demand in the shipbuilding market and increased sales of its diesel engines, all while also proposing a substantial cash dividend. The company’s net profit attributable to shareholders increased by 78.43% to CNY 1.39 billion, with revenue up 14.62% to CNY 51.70 billion. This strong performance is underscored by new contracts totaling CNY 54.35 billion, even as it holds a hefty backlog of CNY 58.55 billion.