Fosun powers to record 14.8b yuan profit

Mainland conglomerate Fosun International (0656) said it has seen profit growth for the eighth consecutive year, with its net profit rising 10 percent last year to a record high of 14.8 billion yuan (HK$16.18 billion).

Earnings per share were 1.73 yuan, and the company declared a final dividend of 27 HK cents, totaling a full-year dividend of 40 HK cents per share, a 20.3 percent increase from a year before.

Total revenue climbed 31 percent year-on-year to 142.98 billion yuan, with revenue generated from its health business rising 14 percent to 33.13 billion yuan.

Revenue from its "happiness" business, mainly the retail store chain operator Yuyuan, surged by 50 percent from a year ago to 67.56 billion yuan, net profit of the segment grew 6 percent year-on-year to 3.21 billion yuan. The increase was boosted by the brand refresh of jewelry and fashion sales, with the revenue up 23 percent from a year ago and the number of sales outlets up by 669 to 2,759 by the end of the year, said the group.

Also, the group's "wealth" segment, or insurance business, saw its revenue rise 20 percent to 43.37 billion yuan, with the revenue of Fosun Insurance Portugal surging by 40 percent from a year ago.

Meanwhile, Fosun Pharmaceutical (2196) under the group posted its net profit rose 22.6 percent year-on-year to 3.32 billion yuan, and earnings per share were 1.3 yuan.

The drugmaker's revenue increased by 14.72 percent year-on-year to 28.59 billion yuan.

Shares of Fosun International climbed 2.52 percent to HK$8.96, while Fosun Pharmaceutical rose by 1.19 percent to HK$25.50.