QIANHAI HEALTH (00911) announces approximately HKD 1.3 million net profit attributable to shareholders in 2024, turning losses into profits year-on-year.

QIANHAI HEALTH (00911) announced that the group is expected to have a shareholder profit of approximately 1.3 million Hong Kong dollars in 2024, after a loss of approximately 52.7 million Hong Kong dollars in 2023, achieving a turnaround from loss to profit. The announcement stated that the main reasons for this year's turnaround to profit include: (i) a turnaround from gross loss to gross profit of approximately 29.7 million Hong Kong dollars compared to the previous year, due to the group's strategic shift towards selling higher-profit product combinations; (ii) a one-time gain of approximately 51.9 million Hong Kong dollars from the disposal of subsidiaries; and (iii) offsetting a provision of approximately 54 million Hong Kong dollars due to a decline in market prices for electronic component products, especially semiconductors, in the last quarter of 2024.