The results are in line with our expectations, with an additional provision of US $303 million for valuable contracts. In 2021, the company achieved operating income of US $16.832 billion, an increase of 105.0% over the same period last year. The net profit of the company was US $7.128 billion, an increase of 689.63% over the same period last year, and the net interest rate increased to 42.3% from 11.0% in the same period last year. We readjusted Orient Overseas's performance based on the company's annual operating data at the beginning of the year, taking into account that the company's provision for valuable contracts increased by $303 million in 2021 ($349 million in 2020), resulting in a cumulative provision of $652 million. The results were in line with our expectations and exceeded Bloomberg's consensus expectations by 4.72%.
The annual dividend payout rate in 2021 is 70%, exceeding the promised bottom line of 40%.
The company plans to pay an annual final dividend of US $2.61 per share and a second special dividend of US $0.69 per share on June 28, 2022, with an annual dividend yield of 11.8%. In 2021, the annual dividend yield is 27.6%, and the annual dividend payout rate is 70%, exceeding the company's promised bottom line of 40%. The dividend payout rates of the company in 2019, 2020 and 2021 were 90%, 100% and 100% respectively, with a historical tradition of high dividends.
The dividend yield will reach nearly 24% in the next six months.
Net profit in the first half of 2022 is expected to be about $5.5 billion, with an implied dividend yield of 11.9 per cent excluding special dividends in the middle of the year (that is, based on a minimum dividend ratio of 40 per cent). The dividend yield reported in 2021 is 11.8%, and the dividend yield can reach nearly 24% in the next six months. Net profit for 2022-2023 is expected to be $107.2 and $8.7 billion, with a dividend yield of 23.2 per cent and 18.8 per cent under the minimum 40 per cent dividend yield of at least 42 per cent.
Continue to maintain Orient Overseas's "buy" rating and maintain the target price of HK $407. It is estimated that the operating income from 2022 to 2023 will be US $206.7 and US $18.96 billion respectively, an increase of 22.8% and-8.3% over the same period last year, and the net profit will reach US $107.2 and US $8.7 billion, an increase of 50.3% and-18.8% respectively over the same period last year, corresponding to 1.72,2.12 times of PE.