China’s top chipmaker, Semiconductor Manufacturing International Corp (SMIC), on Tuesday said its 2024 profit had plunged significantly from the previous year, against a backdrop of surging trade tensions between Beijing and Washington.
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“Unaudited profit attributable to owners of the company was US$492.7 million in 2024,” SMIC reported in a filing to the Hong Kong stock exchange.
That figure represented a 45.4 per cent decrease from US$902.5 million in 2023, according to the Shanghai-based firm, which added that the fall was “mainly due to the decrease of investment income and financial income”.
Profit in the final quarter of 2024 also slumped, the filing showed, dropping 38.4 per cent year on year to US$107.6 million.
SMIC’s fourth-quarter revenue, meanwhile, grew 31.5 per cent to reach a total of US$2.2 billion, the company added.
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Unaudited revenue for the whole of last year reached US$8 billion, up from US$6.3 billion in 2023.