Gelonghui, March 12, 丨 Xinghe Holdings (01891.HK) announced that compared with the profit for the corresponding fiscal year ending December 31, 2022, the Group will record a profit increase of about 400% to 450% in the 2023 fiscal year.
The Group's sharp increase in profit in FY2023 was mainly due to the high sales volume of ferrous scrap metal in the second half of the year, and the company's continuous improvement in procurement and operation efficiency, which resulted in a higher profit margin in FY2023 than in FY2022. Furthermore, the Group began trading iron ore, which operated substantially in the last quarter of fiscal year 2023, which contributed to an increase in profit margins for fiscal year 2023 to a certain extent.