HK Stock Market Move | SITC (01308) rose more than 5% in the afternoon, with last year's net profit increasing by over 90% year-on-year, and the final dividend increasing to 1.4 Hong Kong dollars.

SITC (01308) rose more than 5% in the afternoon, with a 5.17% increase at the time of publication, reaching HK$18.72 with a trading volume of HK$1.18 billion. On the news front, SITC released its annual performance for the year ending December 31, 2024. The company reported revenue of approximately USD 3.058 billion, a year-on-year increase of about 25.9%; gross profit of approximately USD 1.143 billion, a year-on-year increase of about 83.4%, with a gross profit margin increasing from about 25.7% in 2023 to about 37.4% in 2024; net profit attributable to shareholders of approximately USD 1.028 billion, a year-on-year increase of 93.51%; and a proposed final dividend of HK$1.40 per share, compared to HK$0.5 per share in the same period last year. The company attributed the increase in revenue mainly to a 10.7% increase in container volume from 3,224,498 standard containers in 2023 to 3,570,184 standard containers in 2024, as well as a 15.7% increase in average freight rates (excluding interchange warehouse fees) from USD 623.3 per standard container in 2023 to USD 721.1 per standard container in 2024.