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Sinopharm Group reports 13.68% rise in FY'17 profit

Sinopharm Group Co. Ltd. reported a 13.68% year-over-year rise in profit for the year ended Dec. 31, 2017.

Profit attributable to owners of the parent reached about 5.28 billion yuan for 2017, up from about 4.65 billion yuan in 2016.

The Shanghai-based pharmaceutical distributor and retailer's EPS was 1.91 yuan, up from 1.68 yuan the previous year.

Meanwhile, revenue rose to about 277.72 billion yuan from about 258.39 billion yuan a year ago.

Sinopharm Group attributed the overall growth to the upward trend in China's economy along with its strategy to further integrate platform resources and take advantage of its scale. The company also noted that stricter policies and intense competition slightly impacted the industry's growth in 2017.

For 2018, the group expects the industry to maintain stable growth due to factors including China's aging population, urbanization and healthcare reform. Sinopharm Group said it will continue to conform to industry changes, as opportunities increase along with regulation and consolidation.

Sinopharm said its board agreed to pay a final dividend of 57 fen per ordinary share for 2017.

As of March 23, US$1 was equivalent to 6.31 Chinese yuan.