Tianjin Pharmaceutical Da Ren Tang Group (SHA:600329, SGX:T14) expects to post a net profit attributable to the parent of between 2.15 billion yuan and 2.39 billion yuan in 2024, soaring from 118% to 142% year on year, according to a Shanghai Stock Exchange disclosure on Monday.

The Chinese pharmaceutical company's attributable profit a year ago was 986.7 million yuan or 1.28 yuan per share.

The company attributed the forecast to a 1.71 billion yuan income generated from the disposal of a 13% stake in joint venture Sino-US Tianjin SmithKline Pharmaceutical.

Tianjin Pharma's shares rose less than 2% in recent trade.