trending Market Intelligence /marketintelligence/en/news-insights/trending/BW7Md0JWEA6hrHu5T8RL0Q2 content esgSubNav
In This List

Citic hikes interim dividend as H1'19 profit climbs 9% YOY

Blog

Insight Weekly: US stock performance; banks' M&A risk; COVID-19 vaccine makers' earnings

Blog

Insight Weekly: LNG exports surge; investors unfazed by inflation; neobanks drive VC funding

Blog

Essential Metals Mining Insights November 2021

Blog

[Infographic]: 2021 World Exploration Trends


Citic hikes interim dividend as H1'19 profit climbs 9% YOY

China's state-owned conglomerate Citic Ltd.'s attributable profit in the first half climbed 9% year over year to HK$33.5 billion, or HK$1.15 per share.

The company chalked up the improvement to a first-time profit at its Sino-Iron project in Western Australia, a substantial rise in profit at the special steel business and better performance at CITIC Bank.

The board proposed an interim dividend of 18 cents per share, up from 15 cents a year ago. Revenue for the six months grew to HK$277.18 billion, from HK$258.32 billion in the prior-year half.

The company said Aug. 29 profit for its manufacturing business jumped 46% to HK$3.5 billion on the back of strong results at the special steel and heavy industry businesses.

The resources and energy segment recorded a 64% surge in profit to HK$2.1 billion as Sino Iron returned its first profit due to a strong iron ore price and reduction in operating costs.

Citic recently completed its previously announced C$612 million investment in Ivanhoe Mines Ltd. to increase its stake in the company to 29.4%.

Meanwhile, the company is teaming up with Japanese trading house Itochu Corp. for a ¥200 billion venture capital fund that will direct Japanese startups toward the Chinese market.