Net profit attributable to equity shareholders of the Company increased by 650% to HK$36.4 million
HONG KONG, Aug. 24, 2021 /PRNewswire/ -- Hung Hing Printing Group Limited (HKSE: 450) today announced its 2021 interim results. For the six months period ended 30 June 2021, the Group achieved HK$36.4 million in profit attributable to equity shareholders of the Company, representing six-fold increase over HK$4.9 million recorded by the Group in the same period last year.
These results are mainly driven by robust export revenue growth which increased to higher than pre-COVID-19 levels, favorable exchange rates and forward hedging performance. Outstanding contribution was also recorded from the paper trading business segment, which grew considerably in light of exceptional paper market conditions and provided strong sourcing support to the Group.
The Board of Directors has announced an increase of 33% of interim dividend to HK4 cents (2020: HK3 cents).
Mr. Matthew C.M. Yum, Executive Chairman of Hung Hing Printing Group Limited, said, "Continued strengthening in market conditions, combined with solid execution, enabled us to achieve substantial growth in sales across both domestic and export markets. As a result, we increased revenues for the first six months of 2021 by 37% to HK$1,501 million compared to the same period in 2020."
"The increase in interim dividend is based on these favorable results in conjunction with our strong financial position and cash flow. It is also in line with our dividend policy of maximizing shareholder returns whenever business performance allows," Mr. Yum said.
Mr. Yum is optimistic of a continued strengthening in consumer confidence and is looking forward to improved operating conditions in the second half of the year, characterized by more reasonable paper and shipping costs. The Group's investments in innovation and new capabilities will enable it to take advantage of industry consolidation and give it the agility to respond to fast-moving industry developments.
Hung Hing Printing Group Limited (HKSE: 450)
Hung Hing was founded by the Company's former Honorary Chairman Mr. Yam Cheong Hung in 1950. 2020 marks the Company 70th anniversary. Over these many decades, Hung Hing has developed into one of the largest printers in Asia, with significant operations in book and package printing, consumer product packaging production, corrugated box manufacturing, paper trading, and design innovation in these areas. The Group has manufacturing facilities at seven locations across Asia, including Hong Kong, Mainland China (Shenzhen, Zhongshan, Heshan and Foshan in the Guangdong province and Wuxi, near Shanghai) and Hanoi, Vietnam. With a firm commitment to provide value-added services that are indispensable for customers' success, the Company harnesses the latest in technology and ideas to create print solutions through sustainable operating practice, and services local and multinational corporations from around the world. The Company has a workforce of approximately 8,100 employees. It has been listed on The Hong Kong Stock Exchange since 1992.