Gelonghui March 28 | Environmental Energy International (01102.HK) announced its annual results. For the year ended December 31, 2023, the Group recorded revenue of approximately HK$531.5 million, an increase of 97.2% over last year. The Group's gross profit increased by HK$24.5 million to approximately HK$41.2 million. Overall gross margin increased from 6.2% last year to 7.8% for the year, and the company's owners should account for an annual loss of approximately HK$35.8 million (last year: HK$257 million).
The sharp increase in revenue was mainly due to the establishment of Hangzhou Junheng in October 2022 (whose main business is to supply construction materials for construction and decoration projects in China). The Group has the advantage of procuring construction materials at competitive prices and favorable credit terms. Since the establishment of Hangzhou Junheng, the Group's revenue from supplying construction materials has increased dramatically.