BUZZ-China's Midea gains on 2024 profit, dividend rise, share buyback

Reuters
31 Mar
BUZZ-China's Midea gains on 2024 profit, dividend rise, share buyback

** Midea Group's 000333.SZ Shenzhen shares rise 4.7% to 80.5 yuan, highest since October 8, 2024

** HK-listed stock 0300.HK surges 6.9% to HK$81.65, highest since March 19

** Set for biggest one-day pct gain since March 18

** Chinese household appliances maker's 2024 profit attributable rises 14.3% y/y; rev up 9.5% y/y

** Announces final dividend of 35 yuan ($4.83) per 10 shares vs year-ago 30 yuan

** Plans to buy back A shares worth 5 bln-10 bln yuan in 12 months

** Citi ("buy") says co's 2024 net profit growth in line with expectations

** Adds Midea expects group sales to grow with y/y expansion in net profit margin

** YTD, HK stock up 1.1%, Shenzhen shares gains 2.2%

($1 = 7.2526 Chinese yuan renminbi)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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