Kweichow Moutai Net Profit Jumps 19% on Stronger Sales
By Sherry Qin
Chinese liquor giant Kweichow Moutai is aiming for continuous sales growth in 2024, it said after posting a 19% rise in annual net profit on stronger sales.
China's most valuable liquor brand said late Tuesday that its 2023 net profit came at 74.73 billion yuan ($10.33 billion), slightly higher than the company's guidance.
Its operating revenue was CNY147.69 billion, up 19% from the previous year, which the company attributed to higher sales volume and changes in selling channels, among other reasons.
For 2024, Moutai aims to grow total operating revenue 15% and make CNY6.179 billion in fixed asset investments.
Moutai declared a dividend of CNY308.76 per 10 shares. It distributed a total of CNY56.55 billion in cash dividends in 2023, accounting for 75.67% of its annual net profit.
Write to Sherry Qin at sherry.qin@wsj.com
(END) Dow Jones Newswires
April 02, 2024 21:08 ET (01:08 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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