According to the Zhitong Finance App, Liqin Resources (02245) announced its 2023 results. Revenue increased 15.1% year on year to 21.059 billion yuan, and profit attributable to company owners was about 1,051 billion yuan, a decrease of 39.4% year on year. Earnings per share are $0.68, and the proposed final dividend is $0.20 per share.
According to the announcement, the decline in profits was mainly due to the March 2023 nickel incident, and the base for the same period was high; as nickel prices gradually returned to normal, the industrial technology path was further improved, and production capacity for nickel products such as hydrometallurgical intermediates was gradually released to match downstream demand, further driving the price decline of related nickel products. Furthermore, due to continued interest rate hikes overseas, interest expenses increased, compounded by the rise in the US dollar exchange rate during the reporting period, resulting in exchange losses, leading to an increase in financial expenses, which further affected the company's profit margin.