China Risun Announces 2019 Annual Results
Expanding Operation Management & M&A; Continues to increase Market Share
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/
Sectors: Daily Finance, Daily News
Copyright ©2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
Latest Release
TOYOTA GAZOO Racing reinforces WRC line-up with youth and experience for 2025 Nov 25, 2024 17:10 JST
| Toyota Submits Progress Report on Recurrence Prevention Measures Nov 25, 2024 15:43 JST
| MHI Thermal Systems Receives Order from Aisan Industry for Aquifer Thermal Energy Storage System for Its New Anjo Plant Nov 25, 2024 14:18 JST
| Oracle Red Bull Racing Driver Max Verstappen Wins Fourth Consecutive F1 Drivers' World Championship Nov 25, 2024 11:55 JST
| Kaplan Fox & Kilsheimer LLP Alerts Investors to a Securities Class Action Against Humacyte, Inc. (HUMA) - Deadline is January 17, 2025 Nov 22, 2024 11:00 JST
| NaaS Q3 2024 Recap: Strategic Shifts and Tech Innovations for Growth Nov 21, 2024 22:59 JST
| Honda Unveils Demonstration Production Line for All-Solid-State Batteries Located in Sakura City, Tochigi Prefecture, Japan Nov 21, 2024 15:35 JST
| Deadline to Lead in Securities Fraud Lawsuit Against Humacyte, Inc. (HUMA) is January 17, 2025 - Contact Kaplan Fox & Kilsheimer LLP Nov 21, 2024 09:00 JST
| ALL Study Groups Using DehydraTECH Processing Outperform Rybelsus(R) in Body Weight Control in Lexaria's 12-Week GLP-1, Diabetes Animal Study Nov 20, 2024 23:05 JST
| Start of Demonstration Test of Two-Phase Direct-to-Chip Cooling in the Air-Cooled Data Center Nov 20, 2024 15:30 JST
| Rozebalamin for Injection 25mg (Mecobalamin) for Amyotrophic Lateral Sclerosis Launched in Japan Nov 20, 2024 11:51 JST
| Anticancer Agent "TASFYGO Tablets 35mg" (Tasurgratinib Succinate) Launches in Japan for Biliary Tract Cancer with FGFR2 Gene Fusion or Rearrangements Nov 20, 2024 10:24 JST
| Kingsoft Announces 2024 Third Quarter Results Nov 19, 2024 18:54 JST
| NTT and Olympus Joint Demonstration Shows IOWN APN's Low-latency Capability Can Be Used for Real-time Diagnosis and Treatment on a Remote Server to Realize World's First Cloud Endoscopy System Nov 19, 2024 15:30 JST
| Supercomputer Fugaku retains first place worldwide in HPCG and Graph500 rankings Nov 19, 2024 09:02 JST
| CleverTap Recognized as a Strong Performer in Cross-Channel Marketing Hubs, Q4 2024 Report Nov 18, 2024 23:30 JST
| World's First Successful Trial of Quantum Tokens Created Using Quantum Technology Nov 18, 2024 17:29 JST
| Fujitsu and SAP Fioneer enter partnership to accelerate digital transformation in the insurance industry and deliver services that contribute to customers' sustainable business Nov 18, 2024 12:31 JST
| Expanding Possibilities with the Liquid Hydrogen-Powered GR Corolla in the Season Final Round Nov 18, 2024 09:25 JST
| COP29: Indonesian Special Envoy Hashim Djojohadikusumo Announces EUR 1,2 Billion Green Funding Nov 16, 2024 18:00 JST
|
More Latest Release >>
|