Zhongmin Baihui Retail Group, a Singapore-listed operator of department stores in China, has reported earnings of RMB23.8 mil ($4.36 million) for FY2024 ended June 30, up 29.5% y-o-y. 

 

However, the group&rsquo s earnings for 6MFY2024 ended June 30, was down 21.8% y-o-y from the same period in 2023. 

 

Earnings per share stood at 12.42 RMB cents for FY2024, up from a share of 11.08 RMB cents in FY2023. 

 

The group&rsquo s revenue saw a 1.7% y-o-y increase to RMB983.8 million in FY2024, which was largely due to the increase in sales of gold and Maotai liquor. 

 

Similarly, the group&rsquo s gross profit for FY2024 was up 7.3% at RMB231.8 million on the back of higher revenue and gross profit margin. Gross profit margin in FY2024 stood at 23.6%, up from 22.3% in FY2023 due to an increase in the gross profit margin of gold.

 

A final dividend of 1 cent per share has been declared for the year, unchanged y-o-y.

Zhongmin Baihui Retail Group, a Singapore-listed operator of department stores in China, announced that it has signed a direct sales agreement with a unit of Kweichow Moutai Group worth RMB120 million (S$23.7 million).

 

The signing ceremony was held on June 18, at the Moutai International Hotel in Maotai, Guizhou. Zhongmin Baihui is one of 22 companies at the ceremony to sign different sales agreements with the group.

 

Under the agreement, Zhongmin Baihui will purchase some 36 tonnes of baijiu (distilled wine) from Kweichow Moutai. Kweichow Moutai baijiu is a premium liquor brand in China, and is considered a popular gift item among the Chinese.

 

&ldquo The Group is proud to be among the reputable companies selected to sign distribution agreements with the Kweichow Moutai Group. This is a testament of the continual advancement of the good standing the Group has achieved in the retail sector,&rdquo says Lee Swee Keng, executive chairman of Zhongmin Baihui.

https://www.theedgesingapore.com/news/contracts/zhongmin-baihui-purchase-237-mil-worth-distilled-wine-kweichow-moutai-group