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NWS Holdings Expects Up to 33% Higher Profit in H1; Shares Climb 4%
NWS Holdings (00659) is expected to see a net profit increase of at least 33% in the 2024 fiscal year.
NWS Holdings (00659) announced that based on the preliminary assessment of unaudited comprehensive management accounts and existing information for the fiscal year ending June 30, 2024, shareholders are expected to have a profit share of approximately HK$2 billion to HK$2.2 billion, an increase of not less than 33% year-on-year. The group stated that the main reasons for the overall increase in operating profit attributable are as follows: (a) it is expected that the group's insurance business will achieve significant growth in operating profit attributable for the 2024 fiscal year. The attractive product portfolio and the release of suppressed demand from mainland tourists after clearance are beneficial to Chow Tai Fook Life Insurance Limited (formerly known as FTLife Insurance Company Limited).
NWS Holdings: Net Rose Mainly Due to Higher Contributions From Insurance Business >0659.HK
NWS Holdings Sees FY24 Net CNY2.0B-Net CNY2.2B >0659.HK
NWS Holdings (00659.HK) announced that it expects shareholders' attributable net profit to increase by not less than 33% year-on-year for the 2024 fiscal year.
NWS Holdings (00659.HK) announced on August 5 that the shareholders' share of surplus in the 2024 fiscal year is expected to be approximately HKD 2 to HKD 2.2 billion, an increase of not less than 33% compared to the reclassified shareholders' share of surplus as of June 30, 2023 ("2023 fiscal year reclassified surplus"). This is due to the adoption of Hong Kong Financial Reporting Standard 17 "Insurance Contracts" ("HKFRS 17"), which has resulted in the reclassified surplus for the 2023 fiscal year being increased from the originally reported shareholders' share of surplus of HKD 2 billion in the company's 2023 annual report.
Express News | NWS Holdings - Expected Result Due to Steady Growth of Group's Roads and Logistics Segments, Among Others
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