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Stock Price Upped by 21% after Results Announcement
Revenue Significantly Increased by Approximately 40%
Dividend per Share Amounted to RMB0.036
Profit Attributable to Shareholders of the Company Surged by More than 40%
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HONG KONG, Mar 20, 2013 - (ACN Newswire) - The board of directors of Shanghai Tonva Petrochemical Co., Ltd. ("Shanghai Tonva" or "the Company", Stock code: 1103.HK) is pleased to announce the consolidated results of the Group and its subsidiaries (the "Group") for the year ended 31 December 2012 (the "Year").
Shanghai Tonva Petrochemical Co., Ltd. 2012 Annual Results Summary
-- Total revenue first-time exceeded RMB4 billion to RMB4.42 billion, with a growth of 37.3% as compared with last year;
-- Net profit grew 46.3% to RMB130.01 million year on year;
-- Profit attributable to shareholders of the Company increased by 41.2% to RMB101.28 million year on year;
-- Turnover of petrochemical product supply chain service business amounted to RMB3.56 billion, up 54.9% year on year;
-- Fuel oil trading business rose 67.6% to RMB3.08 billion; gross profit increased to approximately RMB130 million, representing a surge of 118.1% year on year;
-- Cash and cash equivalents increased rapidly by 129.8% to RMB502.2 million year on year;
-- The board recommended a final dividend of RMB0.036 per share, representing the annual dividend payout ratio of approximate 50%
During the reporting period, the Group recorded total revenue of RMB4.42 billion, increased rapidly by 37.3% year on year; net profit amounted to RMB130.01 million, representing a significant increase of 46.3%; profit attributable to shareholders of the Company was RMB101.28 million, increased by 41.2% year on year. Meanwhile, the cash and cash equivalents surged 129.8% to RMB502.2 million. The significant increase in cash and cash equivalent was mainly attributable to the enhancement in collection of trade receivables by the Company in the second half of 2012.The Board recommended a final dividend of RMB0.036 per share.
In 2012, facing the severe international economic environment and the central government's moderate tightening measures, the Group realigned part of its business structure in a timely and effectively manner in response to market changes and further optimized the resource allocation for its major business segments, which resulted in improvement of its overall profitability. Despite the sluggish business environment, the Group still managed to achieve steady business growth during the period.
Road and Bridge Construction Business
During the reporting period, turnover of the Group's road and bridge construction business exceeded RMB800 million and reached RMB859.1 million, accounted for approximately 19.4% of the Group's total revenue. For the year ended 31 December 2012, the backlog of bid-winning construction contracts not yet recognized as revenue amounted to approximately RMB444 million, most of which will be completed within the next 12 to14 months.
Petrochemical Product Supply Chain Business
Within the reporting period, turnover of petrochemical product supply chain business increased by approximately 54.9% yoy to RMB3.56 billion. With sound business footholds in place, the Group has extended its presence from Shanghai to Jiangsu, Jiangxi, Anhui, Zhejiang, Hubei, Henan and even overseas market during the year under review.
Turnover of fuel oil trading business increased 67.6% to RMB3.08 billion. The business accounted for 69.6% of the Group's total revenue. Gross profit surged 118.1% to approximately RMB130 million and the gross margin also increased to 4.2% from 3.2% last year. The surge in gross profit was mainly attributable to the fact that the Group developed new fuel oil and proactively sought for major premier customers, which helped to continuously increase the market share of the Group's products.
Thanks to the strengthening of the Group's cooperation with strong large suppliers and selectively increasing supply volume to clients with high margin, turnover of the Group's asphalt trading business rose 10.3% to RMB444.9 million while the gross profit increased by 10.4% to RMB32.8 million. Moreover, with the commencement of construction for the Shanghai Disneyland project, the growth of Shanghai's demand for asphalt would also bring better earnings expectations to the business in the coming year. Though turnover of the Group's logistics business decreased when compared with last year, the business arm remains one of the main supports to maintain the Group's competitive edge.
Looking forward to 2013, Mr. Qian Wenhua, Chairman of Shanghai Tonva, said, "2012 was a milestone for Shanghai Tonva. The successful transfer of listing of the Company's shares from GEM to the Main Board of Hong Kong Stock Exchange in July 2012 marked the Group's entry into a larger capital platform, further uplifting the Group's corporate image and the investment community's awareness. As for the Company's business, driven by the State's Twelfth Five-Year Plan, it is expected that the demand for road and bridge construction and asphalt will rise continuously as a result of the increase in infrastructure projects. On the other hand, the development of new fuel oil will also bring the Group with enlarged income source. We believe that our business will continue to maintain a stable growth in the next fiscal year. Meanwhile, leveraging on the existing scale of our business, the Company will continue expanding the customer base and enhance our market competitiveness. As for the capital structure, the Group will also continue optimizing capital allocation and improving our overall profitability so as to bring the shareholders, who have long been concerned of the Company's development, with longer-term and more lucrative returns."
The stock price of Shanghai Tonva upped by 21% after the results announcement, and the total volume reached 24.8 million, highest volume among the past five months. Stock price of the Company closed at HKD0.49 today. In respect of the fast increase of stock price, Mr. Qian Wenhua commented "the revenue and gross profit this year recorded a considerable growth when compared with those of last year and the total dividend payout reached RMB48.7million, which reflected the improving profitability of the Company and our investment value was also well recognized by the investors. We are more than happy to see the results, and will continue to develop and strengthen our business to live up with the investors' expectations."
Topic: Press release summary
Source: Shanghai Dasheng Agriculture Finance Technology Co., Ltd.
Sectors: Gas & Oil, Daily Finance, Energy, Alternatives, Daily News
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