(Yicai) Feb. 12 -- Semiconductor Manufacturing International, a Chinese semiconductor manufacturer, said its net profit dropped 23 percent last year from the previous one, with its profit also tumbling last quarter mainly due to lower investment returns.

Net profit was CNY3.7 billion (USD506.3 million) in 2024, the Shanghai-based chipmaker said in a financial report released yesterday. Revenue jumped 28 percent to CNY57.8 billion (USD7.9 billion). 

After deducting non-recurring items, SMIC's net profit fell 19.1 percent to CNY2.7 billion, according to the company.

For the fourth quarter of last year, net profit dropped 13.5 percent to CNY992 million (USD135.7 million) from a year earlier, SMIC noted. Revenue soared 31 percent to CNY15.9 billion, the gross profit hit CNY3.4 billion, and the gross margin was 21 percent, it added.

SMIC expects revenue to climb 6 percent to 8 percent this quarter from the prior one, with a gross margin between 19 percent and 21 percent. Its annual income growth should outpace industry peers this year, while capital expenditure will likely remain flat from last year's USD7.3 billion, barring any significant changes in the external environment, it pointed out.

SMIC's capacity utilization rate stood at 86 percent last quarter, down from 90 percent in the third quarter of last year, the firm said, adding that the improved financial performance was mainly due to increased wafer shipments, higher capacity utilization, and an optimized product mix.

Shares of SMIC [SHA: 688981] rose 0.8 percent to CNY101.71 (USD13.92) each as of 10.20 a.m. in Shanghai today.

Editor: Martin Kadiev