HK Stock Market Move | Yue Yuen Ind (00551) opened nearly 3% higher. It is expected that the profit attributable to owners will increase by 55% to 60% compared to the previous year in 2024.

YUE YUEN IND(00551) opened nearly 3% higher, and as of the time of writing, it has increased by 2.48% to 16.52 Hong Kong dollars with a trading volume of 1.7098 million Hong Kong dollars. In terms of news, YUE YUEN IND announced that the group expects the net profit attributable to owners of the company in 2024 to increase by 55% to 60% compared to 2023, reaching 2.747 billion US dollars. The announcement stated that the increase in profit is mainly due to the normalization of the global footwear market, a significant increase in the demand for footwear manufacturing operations by brand customers, orders at full capacity accompanied by significant improvements in production efficiency and capacity utilization, driving steady growth in the group's manufacturing operation's gross profit and operating profit. However, considering the tax disputes, some of these favorable factors may be offset, resulting in a lower increase in profit growth.