Financial Highlights:
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(RMB Million)
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For the Year Ended 31 December
|
|
2024
|
2023
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Changes
|
|
Revenue
|
11,946
|
12,990
|
- 8.04%
|
|
Gross Profit
|
1,705
|
2,061
|
- 17.27%
|
|
Net Profit Attributable to Owners of the Company
|
1,071
|
2,382
|
- 55.04%
|
|
Basic Earnings per Share (RMB)
|
0.23
|
0.52
|
- 55.80%
|
HONG KONG, Mar 18, 2025 - (ACN Newswire) - China BlueChemical Ltd. (“China BlueChem” or the “Company,” stock code: 3983), China’s largest chemical fertilizer central enterprise in both production capacity and production volume, has announced its audited annual results for the year ended 31 December 2024. In 2024, the Company realized a revenue of RMB11.946 billion. Net profit attributable to owners of the Company amounted to RMB 1.071 billion. The Board has recommended the payment of a final dividend of RMB0.1208 per share (tax inclusive) for 2024, representing a payout ratio of 52%.
The Company’s profit declined in 2024 compared with 2023, since, firstly, its profit in 2023 included a one-time gain of RMB852 million from the disposal of 67% equity interest in its subsidiary, CNOOC Tianye (now renamed as New Material Company). Secondly, the Company’s production and sales of urea reduced due to concurrent maintenance work at three of its urea plants in 2024, as well as the significant weakening in the prices of urea and other products.
Mr. HOU Xiaofeng, Chairman and Executive Director of China BlueChem said, “In the past year, the chemical fertilizer industry as a whole has been under pressure, and urea prices have fluctuated significantly. In the face of challenges, the Company has focused on three main areas: safe operation, cost reduction and efficiency enhancement, and market expansion, to optimize production management, strengthen cost control, and coordinate product marketing. During the reporting period, net profit attributable to owners of the Company was RMB1,071 million. In order to reward shareholders for their long-standing support, the Board has recommended the payment of a final dividend of RMB0.1208 per share (tax inclusive) for the year 2024, representing a payout ratio of 52%, to enable our shareholders to share the results of the Company’s development.
The Company has been committed to the green development strategy and consistently maintained a leading position in energy efficiency indicators. The methanol plant has been awarded the title of “Energy Efficiency Leader” by the China Petroleum and Chemical Industry Federation for 13 consecutive years, and our synthetic ammonia plant has been awarded the title of “Water Efficiency Leader” by the China Nitrogen Fertiliser Industry Association for five consecutive years. With the outstanding sustainable development practices, the Company has been awarded the “Industry Stewardship Champion” certification by the International Fertilizer Industry Association (IFA), and was the only domestic enterprise selected in 2024, demonstrating its global influence.
In respect of production management, the Company continued to strengthen its management and control over production operations, resulting in consistently stable and optimal operation of production facilities with no accidents and issues in production safety throughout last year. The Company’s production facilities achieved the long-cycle operation target of “one 200-day period or two 100-day periods” for the year 2024. The Hainan Phase I methanol plant recorded a long-term operation period of 514 days, and the gasification plant of CNOOC Huahe recorded a long-term operation period of 510 days, breaking its own historical record and taking a leading position in the industry. The number of fatal accidents of employees and environmental pollution incidents has been “zero” for three consecutive years. The acrylonitrile project successfully passed the quality completion inspection with a passing rate of 100%. Benefiting from these achievements, during the year, the Company produced 1,918 thousand tonnes of urea, 855 thousand tonnes of phosphate and compound fertilizers, 1,438 thousand tonnes of methanol and 230 thousand tonnes of acrylonitrile and relating products.
With regard to sales management, China BueChem has continued to strengthen market research and grasp market trends to enhance the effectiveness of its marketing efforts. In addition, the Company has continuously optimized the direct sales e-commerce platform for chemical fertilizers “CNOOC Huinongbao” to create a convenient and efficient environment for purchasing chemical fertilizers. It also expanded the product market and explored the applications of the methanol fuel. In 2024, the Company sold 1,888 thousand tonnes of urea, 1,426 thousand tonnes of methanol, 509 thousand tonnes of phosphate fertilizers, 295 thousand tonnes of compound fertilizers and 266 thousand tonnes of acrylonitrile and related products. During the year, it exported a total of 4 thousand tonnes of urea, 1,26 thousand tonnes of DAP, 9 thousand tonnes of methanol and 9 thousand tonnes of acrylonitrile.
Looking ahead to 2025, the gap between domestic urea supply and demand still exists, and the urea market is expected to remain under pressure. The domestic supply of phosphate fertilizers is expected to be stable. Driven by factors such as the task of increasing grain production and the restorative growth of farmland area, the demand for phosphate fertilizer in China is expected to grow, and its market price is anticipated to remain stable. Methanol production capacity is projected to increase significantly compared with last year. At the same time, the planned capacity expansion of the downstream methanol operation will further increase the demand for methanol. Therefore, the methanol market may display a “boom in both supply and demand” trend. The pattern of overcapacity of domestic acrylonitrile industry is prominent. The ABS industry remains the main growth point for downstream demand, but the new demand is insufficient to absorb the excess capacity. Meanwhile, the global economy has entered a normal state of slow growth, and the export of acrylonitrile may still face certain resistance. Besides, the Hainan Free Trade Port policy provides strategic opportunities for the Company to deploy logistics and international trade.
Mr. HOU Xiaofeng, Chairman & Executive Director of China BlueChem said, "In 2025, the Company will focus on three directions of development. Firstly, it will establish the quality positioning of “Plant Nutrition Solution Provider”. Secondly, it will develop a new chemical materials industry system centered on “carbon-rich gas-based”, “biomass-based” and “phosphorus resource-based”, and thirdly, it will explore comprehensive utilization projects for overseas natural gas resources, expanding room for international development.”
“In future, the Company will consistently uphold the stability of national food security supply and enhance shareholder value returns. It will continuously consolidate the Company’s dual peaks in both production capacity and output among all central state-owned enterprises in the fertilizer sector, setting a benchmark for the industry.” Mr. HOU Xiaofeng concluded.
About China BlueChemical Ltd.
China BlueChemical Ltd. (“China BlueChem”) is a listed company that specialises in the development, production and sales of chemical fertilisers and synthetic chemical products. It is the largest Central enterprise in the field of chemical fertilisers in terms of both production capacity and production volume. The Company is a subsidiary of China National Offshore Oil Corporation which mainly engages in the exploration, development, production and sales of crude oil and natural gas. On 29 September 2006, China BlueChem was listed on the main board of The Stock Exchange of Hong Kong Limited with the stock code 3983. Currently, its production facilities are located in Hainan, Hubei and Heilongjiang, China, with a total designed annual production capacity of 1.84 million tonnes of urea, 1 million tonnes of phosphate and compound fertilisers (mono-ammonium phosphate, di-ammonium phosphate and compound fertiliser), 1.4 million tonnes of methanol, 200 thousand tonnes of acrylonitrile and 70 thousand tonnes MMA. It has a deep water port with a designed annual throughout capacity of 18.28 million tonnes in Dongfang city, Hainan province. Boasting continued growth of its brand value, the Company’s brand value reached historical high at RMB6.758 billion in 2024. Besides, In 2024, the Company was awarded the “Industry Stewardship Champion” certification by the International Fertilizer Industry Association (IFA), and ranked on the top of the list of The outstanding 100 Chemical Fertilizer Companis in China.
For more information about the Company, please visit its website:
www.chinabluechem.com.cn.