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| Tuesday, 31 March 2020, 15:28 HKT/SGT | |
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Expanding Operation Management & M&A;
Continues to increase Market Share
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HONG KONG, Mar 31, 2020 - (ACN Newswire) - China Risun Group Limited ("China Risun", or the "Group", stock code: 1907), a leading global integrated coke, coking chemical and refined chemical producer and supplier in China, announced its unaudited consolidated results of the Company and its subsidiaries (collectively referred to as the "Group") for the year ended December 31, 2019. The unaudited annual results for the year ended December 31, 2019 have not been agreed with the Group's auditors. Following the completion of the auditing process, the Group will publish further announcement(s) in relation to the audited results for the year ended December 31, 2019, which is expected to be on or before mid April 2020.
Overview
Due to decreased revenues from the coke and coking chemical business, refined chemicals business and trading businesses, the Group reported revenue for the year ended December 31, 2019 was RMB18,842.0 million. Profit attributable to owners of the Company was RMB1,363.2 million. Basic earnings per share of the Company was RMB0.34. The Board recommended a final dividend of RMB3.82 cents per share, with a total amount of approximately RMB156.2 million for the year ended December 31, 2019.
Starting from January 1, 2019, the Group recognised operation management segment as a separate business segment. During the year ended December 31, 2019 and up to the date of this announcement, the Group entered into four (2018: three) new operation management agreements and capital injection agreement with independent third parties in Shandong, Inner Mongolia and Jiangxi respectively.
With an aim of strengthening its leading position as a global coke and refined chemical producer and supplier, the Group formed a joint venture with Lingyuan Iron & Steel Energy Co., Ltd. ("Lingyuan Iron & Steel") in December 2019. The Joint Venture will mainly invest in the construction of an ancillary coking project in Lingyuan Economic Development Zone. Lingyuan Economic Development Zone is a provincial economic development zone which mainly serves as a rally point for automobile, steel and glass industries. Upon completion, it is expected to have a capacity of 3 million tonnes of coking and other refined chemical products, of which most coking products will be supplied to Lingyuan Iron & Steel. This will provide a stable and predictable sales demand for the project.
Business Prospects
Looking forward to 2020, the Group will continue to increase its market share by expanding its operation management together with merger and acquisition. Within the operation management, the Group developed a new cooperative model in the Inner Mongolia Project and will continue to explore different ways to promote the operation management. The aim is to maintain our leading position in the coke, coking chemical and refined chemical market, leverage on its brand awareness and enhance coverage of sales and marketing network as well as business expansion strategies.
In addition, the Group also plan to strengthen its production line of coke and coking chemicals and refined chemicals by adding refinement of hydrogen-based products. In view of the potential business of hydrogen-based products, the Group is upgrading its production facilities at its Dingzhou production base in phrases, while the first phrase of production facilities of hydrogen energy products is expected to be completed by May 2020.
The Group will also enhance the production capacity of self-owned facilities and improve the environmental protection facilities. The Group commenced the construction of (1) production facilities with annual production capacity of 300,000 tons of styrene in Tangshan Production Base, and (2) a coke dry-quenching project at our Dingzhou Production Base, during the year ended December 31, 2019.
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. China Risun has been included among the 2019 Fortune China 500 companies, and ranked fourth on the Return on Equity (ROE) list. The vertically-integrated business model together with more than 20 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. For more details, please visit http://www.risun.com/En/
Topic: Press release summary
Sectors: Daily Finance, Daily News
https://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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