Sangfor proposes dividend, $28m buyback amid earnings dip

Sangfor Technologies (SZSE:300454) announced its plans for a cash dividend and share buyback program for the 2024 fiscal year, despite a slight dip in annual earnings. According to the company’s filings, a cash dividend of RMB 0.63 (inclusive of tax) per 10 shares will be distributed to shareholders, based on the total number of shares eligible for distribution after excluding shares repurchased by the company. This translates to a total cash distribution of approximately RMB 26.25 million. In addition to the dividend, Sangfor also announced a share buyback program, allocating RMB 100 million to RMB 200 million for repurchasing company stock at a price not exceeding RMB 80 per share. This buyback, which concludes previous buyback efforts, will be used for employee stock ownership or equity incentives.