Share This

Public company info - Titan Petrochemicals Group Ltd. , 01192.HK
Input the stock code or the company name     Search  
 
 Profile   Information   Data   Financial Ratios   Profit Loss   Cash Flow   Balance   Earnings   Dividend 

Titan Petrochemicals Group Ltd., 01192.HK - Company Profile
Chairman Lai Wing Lun
Share Issued (share) 1,230,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Petroleum & Gases
Corporate Profile Business Summary: The Group is principally engaged in the business of shipbuilding, ship repairing and manufacturing of steel structure, and the trading of commodities. Performance for the year: For the year ended 31 December 2019 (“the Year”), the consolidated revenue of the Group was approximately HK$254,724,000 while the audited consolidated revenue of the Group was approximately HK$64,883,000 for the year ended 31 December 2018. During the Year, the Group recorded profit attributable to the owners of the Company of approximately HK$1,647,286,000, compared to the loss approximately HK$2,349,273,000 attributable to the owners of the Company for the year of 2018. The basic profit per share was approximately HK33.48 cents for the Year and the basic loss per share was approximately HK47.74 cents for the year of 2018. Business Review Revenue of the Group for the year was approximately HK$254,724,000, which was mainly attributable to the income from the shipbuilding, ship-repairing and manufacturing of steel structure and also the trading of commodities business. For the year of 2018, most of the revenue of the Group was also from the shipbuilding, ship-repairing and manufacturing of steel structure. The Group recorded a profit attributable to owners of the Company of approximately HK$1,647,286,000 for the year, as compared to the loss attributable to owners of the Company of approximately HK$2,349,273,000 for the year of 2018. The profit attributable to owners of the Company during the year was mainly due to (1) an exceptional gain on deconsolidation of a subsidiary of approximately HK$1,766,417,000 for the year; and (2) an exceptional gain on disposal of subsidiaries of approximately HK$129,054,000. Trading of Commodities The Group had set up a wholly-owned subsidiary with principal activity of petrochemical and other related products oil trading in October 2018. During the Year of 2019, the Group had recorded revenue of its trading business of various bulk commodities products including petroleum, petrochemical and other related products which achieved sales of approximately HK$123,719,000 which the revenue recorded from the trading of commodities was approximately HK$5,053,000 during the year of 2018. The management from time to time reviews the global market trend of bulk commodities business and will deploy internal resources whenever this sector of business is fruitful to the Group. The Group would continue to look for new trading business in the year 2020. Shipbuilding, Ship-Repairing and Manufacturing of Steel Structure The market conditions in the marine related service industry remain challenging and sluggish due to global commodity prices being sustained at low levels. The Company will review and optimise the business portfolio of the Group in due course and formulate appropriate cost-effective and efficient measures for its shipbuilding and marine engineering business. In the fourth quarter of 2017, the Group acquired 江蘇宏強船舶重工有限公司 (“OPCO”) which is operating a large shipyard in Qidong City, Jiangsu Province. The city is only 68 Kilometers away from Shanghai Pudong. Qidong is a major shipbuilding and offshore engineering base in China, with hundreds of shipbuilding and offshore engineering companies. The location of the shipyard has unique advantages for the shipbuilding business, including favorable weather and water conditions for shipbuilding, close proximity to its major suppliers and subcontractors and easy access to a large pool of shipbuilding specialists and skilled workers in the region. In order to transform and upgrade business rapidly, to meet the needs of the domestic market, to create a professional brand of steel structure manufacturing and expand such business field, the Group will fully utilize the existing advantages on the resources and geographical location of Jiangsu Hongqiang. In the second half year of 2018, the Group established an indirect wholly-owned subsidiary, 江蘇炯強海洋裝備有限公司 (“Jiangsu Jiongqiang”), Jiangsu Jiongqiang is principally engaged in the manufacturing of steel structure of large bridge. While OPCO will continue focusing on the business brand and specialize in the development and production of various types of carrier and vessels. In the beginning of year 2019, OPCO successfully built and sold one bulk carrier with carrying capacity of over 40,000 Dead Weight Tonnage (“DWT”), the selling price of which was USD 22 million. A bulk carrier with carrying capacity of around 60,000 DWT was launched in December 2019 and two stainless steel ships were launched in January 2020. At present, OPCO and Jiangsu Jiongqiang are well managed. As at the date of this report, its effective contracts are as follow: (1) processing imported material for two bulk carriers with carrying capacity of around 60,000 DWT; (2) processing imported material for four stainless steel ships; (3) seven projects on steel structure business; and (4) other business including quay rental service. In the foreseeable future, the management expected that the effective contracts would be as follows: (1) the processing of imported material for a bulk carrier; and (2) three projects on steel structure business. It is expected that OPCO and Jiangsu Jiongqiang could run business smoothly with the current contracts for at least two years. Quanzhou land The Group obtained the construction planning permit in April 2019 and construction commencement permit in June 2019 from the government of the PRC which allowed the Group to kick off the construction in Quanzhou in Fujian Province, in PRC. The Group looked for and screened the contractors through the bidding process; process of the construction was commenced orderly and smoothly during the year. As expected in the interim report of 2019 of the Group, the property investment business will operate successfully in the future, which hopefully will strengthen the Group’s cash flows and working capital and the Group would closely monitor and review this new sector of the business from time to time. Prospects: In 2020, the Company will continue to seek breakthroughs in the above industries. In December 2019 and the beginning of 2020, one bulk carrier and two stainless steel chemical vessels were launched and will be delivered in the first half of 2020. Moreover, the Company will also actively make use of its extensive experience and deploy resources in the commodity trade industry. In 2019, the Group had recorded revenue of its trading business with over RMB100 million. Based on good business relationship and corporation with customers, the Group will try to negotiate with customers about trading contract with larger volume, in order to expand the trading business. To achieve the above targets, the Board will seek for various financial means to enrich the equity capital of the Group in order to build solid foundation for the sustainability and improvement in profitability of its principal business. Looking forward, the Group will grasp new potential business opportunities in the challenging environment, with the expertise and strategic leadership under the management, so that the Group will aim at new profit growth point for its business, so as to maximize the returns to all the shareholders and investors. OPCO and Jiangsu Jiongqiang currently has contracts for processing imported material for two bulk carriers, four stainless steel chemical vessels and six steel structure manufacturing projects with contract sum of approximately RMB180 million. The Group expects that the revenue from shipbuilding and manufacturing of steel structure would be over RMB40 million and RMB60 million respectively in 2020. In Mar 2020, Jiangsu Jiongqiang entered into a strategic cooperation partner agreement (the “Strategic Cooperation Agreement”) with 中交二航局結構工程有限公司 (“CSSEC”). According to the Strategic Cooperation Agreement, the two parties will jointly develop the steel structure market in the middle and lower reaches of the Yangtze River. Jiangsu Jiongqiang will be very competitive in having suitable steel structure projects in the middle and lower reaches of the Yangtze River. The Group will put more resources on manufacturing of steel structure in order to have more business on manufacturing of steel structure and increase the revenue significantly. Facing the dramatic changes in the real estate sector and the rapid improvement of people’s living standard, the Group believes that the cornerstone position of the real estate sector, the demand of property arising from the urbanization process as well as people’s pursuit of a better life will remain unchanged. The Group has the comprehensive building plan to develop a parcel of land (stated as “investment properties” in the consolidated statement of financial position) located in Fujian, PRC. The area of the planned land use is 26,000 square meters. The gross floor area is 75,000 square meters. According to the plan, one block of office tower, two block of hostel and one block of commercial building would be developed. The building construction plan has been prepared and the process of the construction is being commenced after communicating with the related parties. At the end of March 2020, contract with amount of RMB21 million was signed. The project of investment properties business is expected to provide sufficient revenue to solve the on-going issue of the Group in the following years. The Group will continue to adopt a diversified business strategy to cope with the risks of the domestic economy downturn in China, and allocate resources flexibly to seize any possible investment opportunities.

Information from the financial statements of listed companies

Mobile | Full
Forum rule | About Us | Contact Info | Terms & Conditions | Privacy Statment | Disclaimer | Site Map
Copyright (C) 2024Suntek Computer Systems Limited. All rights reserved
Disclaimer : In the preparation of this website, 88iv endeavours to offer the most current, correct and clearly expressed information to the public. Nevertheless, inadvertent errors in information and in software may occur. In particular but without limiting anything here, 88iv disclaims any responsibility and accepts no liability (whether in tort, contract or otherwise) for any direct or indirect loss or damage arising from any inaccuracies, omissions or typographical errors that may be contained in this website. 88iv also does not warrant the accuracy, completeness, timeliness or fitness for purpose of the information contained in this website.