COFCO Tunhe proposes CNY 1.3bn dividend despite profit dip

COFCO Tunhe Sugar (SSE:600737) announced plans to distribute a cash dividend of CNY 1.304 billion for the year 2024, representing 76.15% of its net profit attributable to shareholders. This includes a regular dividend and a special dividend, highlighting the company's commitment to shareholder returns, despite a reported decrease in profitability. The company's 2024 financial results, reviewed by the board, revealed revenue of CNY 32.497 billion, a slight decrease of 1.86% YoY. The profit for the period was CNY 2.114 billion, with a net profit attributable to shareholders of CNY 1.713 billion, down by 17.36%. The company attributes the profit decline to changes in sugar and tomato paste market prices. In addition to the dividend proposal, shareholders will also vote on the 2024 annual report, director and supervisor reports, financial statements, asset impairment provisions, and the reappointment of the auditor. The annual general meeting will be held on June 12, 2025.