August 2 -- Guangzhou Ningji Industry (002572) filed its revenue and net profit attributable to shareholders were respectively up 44.23 and 53.33 percent year-on-year to 370 million yuan and 45.69 million yuan in the first half of 2011, reports Shanghai Securities News. It attributed the growth to the recovery of the industry overall and better sales.

The company will pay an eight-yuan cash dividend for every 10 shares held and will convert 10 shares from surplus reserves for every 10 shares held on the basis of its total equity through June 30.

Ningji specializes on production and sale of customized closets. At present, it has 700 franchise stores throughout the country, contributing more than 80 percent of its total profits. It also has seven direct-sales stores in Guangzhou.

Industrial Securities (601377) valued the customized closet market at nine billion yuan, accounting for just 15 percent of the entire closet market, which is expected to grow 30 percent annually over the next five years to 20 billion yuan. As a leading supplier in the market, Ningji’s business value may grow five-fold to three billion yuan in the future.

E Fund Management has four fund products in Ningji’s Top-10 tradable share investors in the second quarter, holding 13.5 million tradable shares, or 14.74 percent stake, of Ningji in total.

Ningji also filed that it will change its name to Suofeiya Home Collection.

Source:CapitalVue