CROSBY Research – Man Wah (1999 HK): FY24 NP increased by 20% YoY on higher GPM and lower SG&A ratio

21 May 2024

Man Wah reported its Mar ended FY24 results with top line increased by 5.7% YoY to HK$18.8bn. GPM slightly increased by 0.9ppt YoY to 39.4%. NP increased by 20.2% YoY to HK$2.3bn with NPM improved by 1.5ppt YoY to 12.5%, mainly driven by the YoY drop in SG&A ratio from 25.2% in FY23 to 23.2% in FY24. The company declared its final DPS at HK$0.30, representing a dividend payout ratio at 50.7% during the period (FY23: 51.2%).