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| Tuesday, 1 September 2020, 08:40 HKT/SGT | |
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Expand Operating Management Business to East China Region
Hydrogen Production Facility Commences Operation
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HONG KONG, Sept 1, 2020 - (ACN Newswire) - China Risun Group Limited ("China Risun", or the "Group", stock code: 1907), the global leading integrated coke, coking chemical and refined chemical producer and supplier in China, has announced its interim results for the six months ended 30 June 2020 ("1H2020" or "the reporting period").
Affected by the outbreak of COVID-19 and the decrease in international oil price, during the reporting period, the Group's revenue recorded at RMB8,133.1 million. Gross profit amounted to RMB1,157.2 million and gross profit margin increased slightly to 14.2%. Profit attributable to owner of the Company was approximately RMB351.0 million. Basic earnings per share was RMB8.58 cents. Cash and cash equivalents amounted to RMB929.4 million.
To reward shareholders for their continuous support, the Board determined an interim dividend of RMB2.58 cents per share, with total interim dividend amount of approximately HK$119.4 million.
Leverage existing coal chemicals production capacity to tap into hydrogen market at lower production cost
The Group believes that hydrogen is one of the major strategic directions for the PRC's energy transformation and the Group has huge advantage in refining the coking coal which contains hydrogen chemical element. By making use of its existing coal chemicals production capacity, the Group plans to focus on the pure hydrogen production and utilisation where the production bases are located at. During the reporting period, the Group co-operated with the People's Government of Dingzhou City in relation to the production, storage and transportation of hydrogen and the construction and operation of hydrogen refueling stations. Such pure hydrogen production facility commenced to operation in July 2020.
In addition, we actively optimized the product portfolio of the refined chemical business and focused on products with positive market expectations. In Tangshan production base, the new styrene production project, which possesses annual production of 300,000 tons and was under construction since 2019, will commence production by the end of 2020.
Further strengthening leading position via JV and operation management services
By leveraging its vertically integrated production chain and extensive experience of more than 25 years in the coal chemical industry, the Group will continue to tap into the downstream refined chemicals markets, aiming of developing more sustainable and striving for the best benefits for all of its stakeholders.
During the Reporting Period, the Group obtained all necessary approvals from the People's Governments in Liaoning Province and Lingyuan City after the establishment of a joint venture with Lingyuan Iron & Steel Co., Ltd. in December 2019 and subsequently consolidated into the Group after establishment. It is expected that the construction will commence in the second half of 2020.
Furthermore, the Group entered into one new operating management agreement with an independent third party in Jiangxi Province with annual coke production capacity of 1,300,000 tons. The project jn Jiangxi Province hallmarked a new phase that for the first time the Group has expanded its operation and management business footprint into the East China region. It also laid a solid foundation for the Group to further explore the local market. Meanwhile, several new operating management projects are proceeded steadily. Regarding to the new trading company established in Japan, the Group started to import coke from Japanese coke producers, which is remarkable in its history. The Group aimed to expand its trading business from merely export to import & export in future to increase its influence in international trading market.
Looking forward, the Group will continue increasing its market share especially through both light and heavy asset approaches and further expand coke production business. For the refined chemicals, the Group is examining the whole refined chemicals production chain to further develop high potential products e.g. caprolactam to enhance profitability. With an aim of strengthening its leading position as a global coke and refined chemicals producer and supplier, the Group will make use of establishment of new subsidiaries/joint ventures, acquisition of existing coke and refined chemicals producers together with provision of operation management services to third parties in different provinces of China.
About China Risun Group Limited
China Risun Group Limited is the world's largest independent producer and supplier of coke by volume in 2019, according to Frost & Sullivan. The Group is an integrated coke, coking chemicals and refined chemicals producer and supplier in China and holds leading positions in a number of refined chemicals sectors both in China and globally. The vertically-integrated business model together with more than 25 years of experience in the coal chemicals industry production chain has enabled the Group to further tap the downstream refined chemicals markets and hence diversify its income sources and create greater value.
China Risun has been listed on the main board of the Hong Kong Stock Exchange since March 2019 and is now included in various index series, including Hang Seng Composite Index, Hang Seng Stock Connect Hong Kong Index, Hang Seng Stock Connect Hong Kong MidCap & SmallCap Index, Hang Seng Stock Connect Hong Kong SmallCap Index, Hang Seng SCHK Mainland China Companies Index, and Hang Seng SCHK ex-AH Companies Index. For more details, please visit http://www.risun.com/En/
Topic: Press release summary
Sectors: Daily Finance, Daily News
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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