Startups' net profit fell by 6.6% to 122 million yuan in half a year

Venture Corp's net profit in the second half of fiscal 2024 fell 6.6% year-on-year to RMB 121.37 million, mainly due to weak customer demand.

The board of directors recommends paying an annual dividend of 50 cents per share, the same as the previous year. The dividend is expected to be paid on May 19.

The group released its second half and full-year results on Friday (February 21). As of the end of December last year, the group's six-year revenue fell 6.3% year-on-year to only 1.351.71 million yuan. The group pointed out that the main reason is that the lifestyle consumer technology sector was unexpectedly affected by the decline in demand, but this was partially offset by revenue growth in other major technology sectors, especially in the fields of networks and communications and advanced industrial technology.

The group's six-year earnings per share was 41.9 points, a year-on-year decline of 6.3%; the net asset value per share was 10 yuan.

In order to improve shareholder returns, the group's board of directors has also approved the acceleration of the implementation of the stock repurchase plan.

Further reading

Startups' net profit fell 33% to 130 million yuan in the second half of the year

The startup announced a stock repurchase plan in November 2023, authorizing the repurchase of up to 10 million shares. To date, the Group has repurchased approximately 1.7 million shares under the plan.

The group said it will accelerate the repurchase of the remaining 8.3 million shares.

“Accelerating the stock buyback program, coupled with our consistently stable dividend record, aims to further improve shareholder returns,” the group said.

The stock price of the startup closed at 12.94 yuan on Friday, down 0.15%.