Tianjin Zhong Xin Pharmaceutical Group posts 12% rise in full-year net profit

Tianjin Zhong Xin Pharmaceutical Group Corporation has posted a net profit of 476.1 million yuan for the year ended Dec 31, 2017, up 12 per cent from the preceding year.

This was despite a 9 per cent revenue drop to 5.7 billion yuan. Cost of sales shrank 17 per cent to 3.5 billion yuan, resulting in the group achieving a 9 per cent improvement in gross profit to 2.1 billion yuan.

The group, which is involved in the manufacturing and sale of traditional Chinese medicine, saw earnings per share rising to 0.62 yuan in FY2017 from 0.55 yuan in FY2016. Net asset backing per share increased to 5.82 yuan as at Dec 31, 2017 from 5.44 yuan as at Dec 31, 2016.

The directors are proposing a final dividend of 153.8 million yuan, on the basis of 2 yuan for every 10 shares for FY2017, up from the 115.3 million yuan on the basis of 1.5 yuan for every 10 shares for the preceding year.

The group also paid an interim dividend of 76.9 million yuan for FY2016 resulting in a total payout of 192.2 million yuan in that year.

There was no interim dividend for FY2017.