HK Stock Market Move | WISE ALLY INTL (09918) surged more than 52% during trading, with the expected annual net profit attributable to equity holders of the company increasing significantly to approximately HK$60-80 million.

WISE ALLY INTL (09918) surged more than 52% during trading hours, rising 52.86% to 1.07 Hong Kong dollars, with a trading volume of 262,700 Hong Kong dollars. On the news front, on March 7th, WISE ALLY INTL announced that the group is expecting a significant increase in net profit attributable to equity holders for the financial year ending December 31, 2024, ranging from approximately 60 million Hong Kong dollars to 80 million Hong Kong dollars, compared to around 1.2 million Hong Kong dollars for the same period in 2023. The announcement stated that the increase in profit is mainly due to an increase in revenue and gross profit margin. This is primarily driven by an increase in demand for new products from the group's major customers during the financial year ending December 31, 2024, resulting in an increase in product orders with relatively higher marginal profit contribution from customers to the company. Additionally, there was effective reduction in material costs for the products, and the group did not record any fair value changes in financial assets that resulted in losses (approximately 29.4 million Hong Kong dollars for the financial year ending December 31, 2023).