Tianjin Pharma sees 2024 net profit growth

This was linked to the sale of its 13% equity interest in TSKF to Haleon China Co.

Tianjin Pharmaceutical Da Ren Tang Group expects that its net profit attributable to the owners of the parent for the financial year ended 31 December 2024 will range between approximately $399.1m (RMB2.15b) and $443.7m (RMB2.39b), according to a bourse filing.

This represents an increase of approximately $215.3m (RMB1.16b) to $259.9m (RMB1.4b), reflecting a year-on-year (YoY) increase of approximately 118% to 142%.

The increase in net profit was attributed to the sale of the company’s 13% equity interest in Tianjin TSKF Pharmaceutical Co., Ltd. (TSKF) to Haleon China Co., Ltd. in 2024, resulting in a disposal gain of approximately $317.4m (RMB1.71b), with an after-tax net profit of approximately $269.1m (RMB1.45b).

Additionally, it was also estimated that the net profit attributable to the owners of the parent, after deducting nonrecurring gains or losses, for 2024 will range from approximately $131.8m (RMB710m) to $155.9m (RMB840m).

This represents a decrease of approximately $45m (RMB242.3m) to $20.8m (RMB112.3m), reflecting a YoY decrease of approximately 25% to 12%.

The decline was mainly due to a decrease in investment income from the company’s associated companies, including TSKF, in 2024, as well as an increase in the provision for impairment losses on long-term assets compared to 2023.

The estimated results set out above are preliminary accounting data only.

“The actual financial results will be subject to the audited full-year financial statement for 2024 to be released by the company in due course,” the company said.

($1 = RMB5.39)

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