Gelonghui, March 26, 丨 Straits Petrochemical (00852.HK) announced its annual results for the year ended 31 December 2023, with annual revenue of approximately HK$1,266 million (2022: approximately HK$923 million). The loss attributable to the owners of the company was approximately HK$95.4 million (2022: profit of approximately HK$6.2 million). Loss per share was HK4.49 cents.
International oil prices fell sharply due to macroeconomic factors such as changes in interest rate expectations, the strength of the US dollar, and supply and demand dynamics. Geopolitical events have further created uncertainty in the market. Overall, cautious market sentiment reflects concerns about the outlook for the global economy and energy demand. In response to the current market situation, the Group has adopted a more prudent and careful decision-making attitude in the field of commodity trading. The company continues to focus on back-to-back trade arrangements to maintain low inventory levels and minimize inventory risk.
At the same time, the company strives to maintain business relationships with major customers while actively seeking new business opportunities. In the fiscal year, as a conservative measure, the Group did not trade crude oil and chose to remain calm during this uncertain period and carefully monitor profitable trading opportunities. The increase in the turnover of coal, refined oil products and petrochemical products is mainly due to a recovery in demand from the Chinese market.