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Net Profit Up 10.4% to HK$113.9 Million
With Gross Profit Margin Stood at a High Level of 59.5%
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HONG KONG, Mar 12, 2013 - (ACN Newswire) - Dragon Crown Group Holdings Limited ("Dragon Crown" or the "Group") (SEHK code: 935) a leading integrated terminal service provider in the PRC specialising in the storage and handling of liquid chemical products, announced its annual results for the year ended 31 December 2012.
Despite the challenging economic environment, Dragon Crown recorded outstanding results for 2012 with revenue increased by 7.1% to HK$257.8 million (2011: HK$240.7 million). The Group recorded a gross profit of $153.4 million (2011: $138.3 million), increased by 10.9%, while gross profit margin increased by 2 percentage points to 59.5% (2011: 57.5%). Profit before tax increased by 28.9% to HK$139.9 million (2011: HK$108.6 million) and net profit up 10.4% to HK$113.9 million (2011: HK$103.2 million). Basic earnings per share was HK8.93 cents (2011: HK9.15 cents). The Board proposed a final dividend of HK5.5 cents per share (2011: HK5 cents), which represents 61.6% of the profit attributable to shareholders of the year.
Dragon Crown continued to maintain a healthy financial position, with HK$265.7 million (2011: HK$403.2 million) cash on hand and the gearing ratio substantially lowered to 1.2% (2011: 14.3%) due to the repayment of bank loans in the year.
During the year, the throughput volume of liquid chemical products handled by the Nanjing, Tianjin and Ningbo terminals reached 1,717,700 metric tonnes, 67,100 metric tonnes and 329,300 metric tonnes (2011: 1,588,200 metric tonnes, 222,300 metric tonnes and 479,000 metric tonnes) respectively, with combined throughput volume amounting to 2,114,100 metric tonnes (2011: 2,289,500 metric tonnes).
Mr Ng Wai Man, Chairman of Dragon Crown, said, "The encouraging financial performance is evidence of our strong operational performance and capabilities to meet the robust demand for our services. This success has been guided by the vision of our management and our unique business model, providing us sustained and predictable earnings."
The Group's flagship terminal is located in the Nanjing Chemical Industry Park and accounting approximately 96.6% of the Group's total profit (2011: 92.7%). The Nanjing Chemical Industry Park is one of the world's leading production bases for a wide range of chemicals and home to some of the leading chemical producers and users. The Group's major customer, Celanese Corporation (NYSE:CE), a world leading producers of acetyl products, is also situated in the industrial park and accounted for 88.4% of the Group's total revenue during the year - equivalent to HK$227.8 million (2011: HK$236.0 million).
The construction of Dragon Crown's Nanjing terminal Phase III is on schedule, and will ultimately help to further expand the Group's throughput capacity to 4,400,000 metric tonnes per year. Eleven tanks with a total capacity of 38,000m3 will start operating in the second quarter of 2013, four of which have already been secured long-term terminal service contracts with customers. The Group has also signed a construction agreement on 6 February 2013 to build a new cryogenic ethylene tank for the storage and handling of deep cooled liquid at -104 degree Celsius. The tank has a storage capacity of 20,000m3, construction of which will commence in the first quarter of 2013 with operation expected to start by the third quarter of 2014.
Mr Ting Yian Ann, Chief Executive Officer of Dragon Crown, concluded "Leveraging our world-class expertise and excellence in our facilities and services, we see enormous opportunity to deliver cost-effective solutions to our customers. We have built a strong reputation with our quality service that has earned their trust, especially from renowned large scale multinational chemical enterprises. In this way, we are riding the global trend of outsource logistics arrangements, to help our customers to reduce costs, increase flexibility in business and boost their logistic efficiency. At the same time, we will continue to maintain a strong balance sheet and a solid liquidity position to support the continued growth of the Group."
Contact:
Strategic Financial Relations Limited
Brenda Chan
+(852) 2864 4833
brenda.chan@sprg.com.hk
Tiffany Cheung
+(852) 2864 4817
tiffany.cheung@sprg.com.hk
Naomi Dryden
+(852) 2114 4951
naomi.dryden@sprg.com.hk
Fax: +(852) 2804 2789
www.sprg.com.hk
Topic: Press release summary
Source: Dragon Crown Group Holdings Limited
Sectors: Daily Finance, Logistics & Supply Chain, Chemicals, Spec.Chem, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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