Citic Pacific Special Steel proposes $354m 2024 dividend

Citic Pacific Special Steel Group (SZSE:000708) announced its 2024 profit distribution plan, proposing a cash dividend of ¥2.56 billion ($354 million USD), representing 49.95% of the consolidated net profit attributable to shareholders. This translates to approximately ¥5.07 per 10 shares, payable to shareholders of record on a date to be determined. The plan, still subject to shareholder approval at the upcoming 2024 annual general meeting, comes as the company reported a slight decrease in net profit and a slight decrease in revenue. According to the 2024 financial report, Citic Pacific Special Steel achieved operating revenue of ¥109.203 billion ($15 billion USD). Despite the profit dip, the company boasts of a robust financial position, with total assets reaching ¥111.043 billion ($15 billion USD). The board has also maintained a positive outlook, outlining 2025 production and sales targets of 18.6 million tons and setting export targets of 265 million tons.