Shares of footwear manufacturer Yue Yuen Industrial (Holdings) surged 5.11% on Monday, reaching a two-week high of HK$17.28. The stock jump was fueled by the company's impressive earnings report for the first nine months of 2024.
Yue Yuen reported a staggering 140% year-over-year increase in net income attributable to shareholders, reaching $331.7 million. The company's revenue also grew 1.5% to $6.08 billion, while the overall gross profit margin improved by 0.7 percentage points to 24.2%.
The company highlighted robust demand in October, with net consolidated operating revenue rising 14.7% compared to the same period last year. Looking ahead, Yue Yuen expressed optimism about the long-term prospects of the sports industry, despite short-term economic uncertainties stemming from global macroeconomic conditions.
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