Guangnan (Group) (01203) announced its 2023 results, achieving revenue of approximately HK$10.386 billion, a year-on-year increase...
According to the Zhitong Finance App, Guangnan (Group) (01203) announced its 2023 results, achieving revenue of approximately HK$10.386 billion, an increase of 25%; profit attributable to shareholders of HK$659.24 million, a year-on-year decrease of 51.4%; basic profit per share of HK7.3 cents, with a recommended final dividend of HK$2 per share.
In 2023, the revenue and segment profit of the food biology business (excluding losses attributable to associated companies) were HK$8.115 billion and HK$204 million respectively, up 48.2% and 33.9%, respectively. In terms of associated companies, due to the low price of live pigs and the serious impact of the swine disease epidemic in some parts of the country, the performance of the joint company operating live pig breeding and sales increased year-on-year losses. The group should have accounted for a total loss of HK$104 million (2022: loss due to HK$13.22 million), encroaching on the profit of the food biology business segment. After deducting losses attributable to associated companies, the profit of the Food Biology business segment was HK$100 million, a decrease of HK$38.81 million from 2022, or 27.9%.
The tinplate business revenue accounts for 21.7% of the Group's revenue. In 2023, competition in the tinplate industry was fierce, and the sales price of the Group's tinplate products fell year-on-year, leading to a decrease in the profit of the tinplate business. The Group produced 287,000 tons of tinplate, a decrease of 0.3% compared with 2022. Of these, Guangdong, Zhongguang, Guangdong and Qinhuangdao produced 195,000 tons and 92,000 tons respectively. In addition, the Group sold 291,000 tons of tinplate, an increase of 1.4% over 2022. Of these, Guangdong, China, Guangdong and Qinhuangdao sold 200,000 tons and 91,000 tons respectively. Revenue was HK$2,251 million, a decrease of HK$566 million from 2022, a decrease of 20.1%; segment profit of HK$85.03 million was realized, a decrease of HK$53.37 million compared to 2022, a decrease of 38.6%.