By Amanda Lee
Chinese sportswear company Li Ning's shares rose after it released it annual results and recommended a higher final dividend for the year.
Shares rose as much as 6.7% to 18.24 Hong Kong dollars, equivalent to $2.35, and on track for their biggest one-day percentage gain since November. It was last 4.0% higher during Friday morning trade.
Net profit in 2024 fell 5.45% to 3.01 billion yuan, equivalent to $414.3 million, the company said before the market opened Friday.
The profit was weighed by factors including higher selling and distribution expenses as well as finance expenses.
Full-year revenue rose 3.9% to 28.68 billion yuan.
The company has recommended a payment of a final dividend of 20.73 yuan cents per ordinary share for the year that ended December.
Along with the interim dividend of 37.75 yuan cents paid in September, the total dividend for the year will amount to 58.48 yuan cents or a total dividend payout ratio of 50%, increasing from 45% in 2023.
Looking ahead, Li Ning expects consumer spending to grow substantially with strong domestic policy support.
Write to Amanda Lee at amanda.lee@wsj.com
(END) Dow Jones Newswires
March 27, 2025 22:50 ET (02:50 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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