Crystal International Group (2232) H2 2024 earnings summary

Executive summary

• Revenue rose 13% year-over-year to US$2,470 million, driven by increased demand and capacity expansion.

• Net profit increased 22% to US$201 million, with net profit margin improving to 8.1% from 7.5%.

• Workforce expanded by 10,000 to 75,000 employees, supporting higher production output.

• Final dividend of HK19.0 cents and special dividend of HK5.5 cents per share proposed, totaling HK38.3 cents for the year.

Financial highlights

• Gross profit increased to US$486 million, with gross margin up to 19.7% from 19.2% year-over-year.

• Basic EPS rose to 7.03 US cents from 5.73 US cents year-over-year.

• Cash and cash equivalents stood at US$427 million at year-end, with a positive net cash position.

• Bank borrowings increased to US$147 million, all repayable within one year.

• Capital expenditure reached US$160 million, mainly for production capacity and fabric business.

Outlook and guidance

• Confident start to 2025, with focus on sportswear, lifestyle wear, and intimate segments.

• Full-year benefit from 2024 capacity expansion expected to drive high-efficiency production.

• Profitability anticipated to improve further, with net profit growth outpacing revenue.

• Capital expenditure in 2025 to remain similar, supporting automation and capacity upgrades.

• Dividend payout framework to be reviewed annually, with potential for enhancement.