BRIEF: Full Truck Alliance to return half of profits as dividends, share buybacks

Trucking app operator Full Truck Alliance Co. Ltd. (YMM.US) said on Monday its board approved a long-term plan to distribute half or more of its adjusted net income each year to investors through dividends and share buybacks. Under the plan, the amount of funds distributed each year will be based on the company’s adjusted profit the previous year.

Simultaneously, the board approved a plan to distribute $400 million this year under the plan, with at least $300 million to be paid as quarterly dividends and the rest for share buybacks.

Full Truck Alliance reported adjusted net income of 3.73 billion yuan ($536 million) in the first nine months of last year, up 26% from 2.97 billion yuan in the year-ago period. The company’s stock rose 0.6% on Friday before the announcement, while Monday was a market holiday in the U.S. The stock is down about 12% over the last 52 weeks.

By Doug Young

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