Gree Electric, a leading home appliances manufacturer in China, has announced its mid-term equity distribution plan for 2022. The plan is based on the company's existing total share capital of 5.614 billion shares after excluding the 17.5641 million shares that have been repurchased.
Cash Dividend of 10 Yuan per 10 Shares
According to the announcement made on February 20, 2023, shareholders will receive a cash dividend of 10 yuan (tax included) for every 10 shares they hold. No bonus shares will be given, and no reserve fund will be converted into share capital. The total amount distributed in cash dividends will be 5.537 billion yuan. The equity registration date is February 24, 2023, and the ex-right and ex-dividend date is February 27, 2023.
Annual Dividend Not Less Than 50% of Net Profit
In January 2022, Gree Electric announced its "Shareholder Return Plan for the Next Three Years (2022-2024)" which stated that the company will distribute profits twice a year from 2022 to 2024. The annual dividend will not be less than 50% of the net profit of the year, provided the cash flow meets the normal operation and long-term development of the company.
Impressive Performance in 2022
Gree Electric has had an impressive performance in 2022 so far. In the first half of the year, the company achieved a net profit of 11.466 billion yuan, a year-on-year increase of 21.25%. In the first three quarters of the year, it achieved a cumulative net profit of 18.304 billion yuan, a year-on-year increase of 17%.
Temporary Market Value of 201.2 Billion Yuan
As of press time, Gree Electric was temporarily quoted at 35.74 yuan, an increase of 1.68%. The company's total market value was 201.2 billion yuan.
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