Stock Track | Shoucheng Shares Surge 5.8% on Strong Revenue Growth Despite Profit Dip

Stock Track2024-11-04

Shares of Shoucheng Holdings (00697) soared 5.83% on Friday, November 4, to HK$13.51 after the company reported robust revenue growth for the first nine months of 2024, despite a decline in profit.

According to a filing with the Hong Kong stock exchange, Shoucheng posted a profit attributable to owners of HK$400 million for the nine months ended October 31, down from HK$465.4 million in the same period last year. However, revenue for the January-September period surged 42% year-on-year to approximately HK$935 million, up from HK$660.4 million a year ago.

The strong top-line growth appears to have outweighed concerns over the lower profit figure, with investors potentially focusing on the company's ability to drive sales amid a challenging economic environment. Market analysts suggest that the revenue increase could signal improving demand for Shoucheng's products and services, which may bode well for its future profitability.

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