Summary by Futu AI
Truly Int'l Limited announced its mid-year performance for 2024, showing a profit of HKD 8.585 billion, an increase of 18.3% compared to the same period in 2023. The gross margin also increased to HKD 0.697 billion, a 5.6% increase, but the gross margin rate decreased by 1.0% to 8.1%. The profit attributable to owners of the company was HKD 0.1742 billion, a 3.9% increase from the same period last year. However, the profit before tax, interest, depreciation and amortization decreased by 7.8% to HKD 0.987 billion. The basic earnings per share were HKD 5.51, a 4.0% increase from the same period last year, and it was announced that an interim dividend of HKD 0.05 per share, the same as last year, will be distributed. Truly Int'l stated that despite global economic challenges, the recovery of the smart phone market has driven revenue growth. In addition, the company increased its equity interest in its joint venture company Truly Life Assurance in May 2024, thereby increasing its effective equity in the company. The company's management remains confident in the full-year performance for 2024.
