WEI YUAN HLDG (01343) announces profit surge, expected annual net profit to increase by around 1.7 million to 2.2 million new dollars.

WEI YUAN HLDG (01343) has issued a notice stating that the Group expects to achieve a net profit of approximately 1.7 million to 2.2 million new yuan for the year ending December 31, 2024, compared to a net profit of approximately 1.3 million new yuan for the corresponding year in 2023. The notice states that the increase in net profit is mainly due to the combined effects of the following factors: a decrease in gross profit; impairment provisions for investments in an associate company for the year ending December 31, 2023, while there are no impairment provisions for the year ending December 31, 2024; a decrease in share of losses from associate companies; and a decrease in income tax expenses.