Shengli Pipeline (01080) announced its annual results for the year ended December 31, 2023. The group received revenue...
According to the Zhitong Finance App, Shengli Pipeline (01080) announced the results for the year ended December 31, 2023. The group obtained revenue of RMB 592 million (same unit), a year-on-year decrease of 43.46%; losses attributable to the company's owners were 98.414 million yuan, an increase of 198.19% over the previous year; and a loss of 2.54 points per share.
According to the announcement, the decrease in revenue was mainly due to delays in bidding for the 2023 line steel pipe frame of China Pipeline Network Group, one of the Group's main customers, and the signing of orders concentrated around the end date of the fiscal year, which led to a sharp decrease in sales in the national pipeline and anticorrosive treatment business during the year under review compared to 2022. Furthermore, after February 21, 2022, Hunan Shengli Steel Pipe Co., Ltd. (Hunan Shengli Steel Pipe) ceased to be a subsidiary due to the dilution of the Group's shares to 48% after February 21, 2022, so the relevant financial results were not incorporated into the Group's financial statements. As a result, the Group did not confirm the sales revenue of any SAWL executives during the year under review, resulting in a sharp decrease in the Group's revenue compared to 2022.