China Sanjiang Chemical (02198) announced its 2023 annual results, with revenue of approximately RMB 13.128 billion (RMB,...
According to the Zhitong Finance App, China Sanjiang Chemical (02198) announced its 2023 annual results, with revenue of about 13.128 billion yuan (RMB, same below), an increase of 48.9% over the previous year; parent company owners should account for a net profit of 91.477 million yuan, while a net loss of 308 million yuan was achieved in the same period in 2022; profit per share was 7.84 points.
According to reports, achieving net profit attributable to shareholders in 2023 was affected by a number of one-time projects, including: 1) Lotte Chemical Co., Ltd. agreed to undertake and repay 50% of the joint venture's bank loan of about $115 million; 2) Lotte Chemical Co., Ltd. agreed to transfer 50% of its shares (net asset value of about $84 million) in the joint venture to the Group at zero cost; 3) the Group confirmed revenue of about 29 million yuan due to the acquisition of Lotte Chemical (Jiaxing) Co., Ltd.; and 4) The input-output ratio of several production facilities did not meet the Group's expected level The Group has made provision for impairment of approximately $194 million for a number of production facilities and intangible assets. Looking ahead to 2024, the Group expects its performance in 2024 to improve considerably compared to 2023, given the annual impact of increasing production at the sixth phase of the Ethylene Oxide/Ethylene Glycol Production Facility and upstream light hydrocarbon utilization units.