Yangzijiang Shipbuilding reports higher profit for Q4 FY20; maintains dividend

Nisha Ramchandani

Published Thu, Feb 25, 2021 · 11:09 PM

YANGZIJIANG Shipbuilding's net profit for the fourth quarter ended Dec 31, 2020, rose 17 per cent year on year to 753.46 million yuan (S$154 million) as margins improved.

Revenue was 38 per cent lower year-on-year at three billion yuan as it delivered less vessels, while earnings per share clocked 64.39 fen, down from 78.88 fen previously.

For the full year, net profit shrank 19 per cent to 2.52 billion yuan while revenue was 37 per cent lower at 14.84 billion yuan.

The group has proposed a dividend of 4.5 Singapore cents per share for FY20, on a par with FY19.

"Despite unprecedented challenges faced in 2020 and a decline of new shipbuilding orders, market demand and sentiment improved towards the end of 2020," said chief executive Ren Letian. "Yangzijiang's relentless pursuit in R&D to innovate, and introduce quality and efficient vessels to the shipbuilding market has placed us in an advantageous position to capture emerging market opportunities as major economies begin to set foot on a path to gradual recovery."

The counter closed at S$1.06 on Thursday, up two Singapore cents or 1.92 per cent.