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Public company info - Dongguang Chemical Limited , 01702.HK

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Dongguang Chemical Limited, 01702.HK - Company Profile
Chairman Wang Zhihe
Share Issued (share) 621,000,000
Par Currency U.S. Dollar
Par Value 1.0E-4
Industry Fertilisers & Agricultural Chemicals
Corporate Profile Business Summary: The group is principally engaged in manufacturing and selling urea in the People’s Republic of China (the “PRC”). Performance for the year: During the Reporting Period, the Group experienced a decrease in revenue by approximately RMB164.0 million, or 7.2%, from approximately RMB2,285.6 million for the year ended 31 December 2018 to approximately RMB2,121.6 million for the Reporting Period. The Group’s gross profit increased by approximately RMB22.8 million, or 7.8%, from approximately RMB292.6 million for the year ended 31 December 2018 to approximately RMB315.4 million for the Reporting Period, the Group's gross profit margin increased from approximately 12.8% for the year ended 31 December 2018 to approximately 14.9% for the Reporting Period. Profit for the year increased by approximately RMB61.9 million or 62.1% from approximately RMB99.7 million for the year ended 31 December 2018 to approximately RMB161.6 million for the Reporting Period. Business Review Urea Revenue from urea decreased by approximately RMB92.8 million, or 4.8%, from approximately RMB1,948.6 million for the year ended 31 December 2018 to approximately RMB1,855.8 million during the Reporting Period, as the average selling price of the Group's urea decreased by approximately RMB86 per tonne, or 5.0%, from approximately RMB1,734 per tonne for the year ended 31 December 2018 to approximately RMB1,648 per tonne for the Reporting Period. Methanol Revenue from methanol decreased by approximately RMB39.6 million, or 23.1%, from approximately RMB171.4 million for the year ended 31 December 2018 to approximately RMB131.8 million during the Reporting Period, as the average selling price of the Group's methanol decreased by approximately RMB459 per tonne, or 22.7%, from approximately RMB2,020 per tonne for the year ended 31 December 2018 to approximately RMB1,561 per tonne for the Reporting Period. Prospects: Recently, although the COVID-19 epidemic has resulted in a slowdown of PRC domestic productivity and economic activities, the Group’s subsidiary in the PRC has maintained a normal production during the period and has not been affected by the epidemic. In respect of operation, product transportation has sustained a considerable delay due to the Chinese New Year Holidays and the shutdown of freight and some downstream companies under the COVID-19 epidemic. However, since mid-February this year, as freight has gradually recovered and the fertilizer companies have a demand on fertilizers to secure springtime agriculture, shipments have increased, and product price has quickly recovered. In addition, in order to encourage fertilizer companies to secure springtime agricultural production, the PRC government has introduced favourable policies accordingly, and has given important instructions in respect of domestic springtime agricultural production. It attaches great importance to “Sannong” (three issues relating to rural development) work and arranges for springtime agricultural production so as to maintain a stable grain production. After the introduction of the springtime agriculture securing policy, the agricultural fertilizer market has gradually recovered. T hese aforementioned factors have very positive and favourable effects on the Group’s production and operation. Looking into 2020, the urea market in general is keeping a balance between supply and demand. It is believed that the urea market in this spring will draw more attention within the industry. With the continuous optimization of production capacity, the overall urea industry will continue to advance in a healthy and orderly direction. In order to have greater economic and social benefits, the Group will continue its research on energy-conserving and environmental-friendly technologies, and effectively reduce production costs by introducing new technologies and using new equipment. T he Group will also keep optimizing the Group's growth strategies, including effectively increasing production capacity, actively boosting production quality and efficiency, and expanding value chains to urea-related products such as automotive urea products. Furthermore, the Group will strengthen the Group's strategic relationship with major customers and diversify the Group's clientele, as well as identifying opportunities for strategic acquisitions Lastly, the Company would like to take this opportunity to extend the Group's sincere gratitude to each shareholder, the management of the Company, all the Group's employees and clients, and those who show care and support to the Group's Group. Over the past year, all the employees of the Group worked relentlessly to improve the business and management of the Group amid complicated market conditions. T he Group will adhere to the development philosophy of “Developing Companies, Creating Values, Enriching Employees, Serving Society”, and commit itself to generating greater values to the society. Looking ahead, despite the global market and economic uncertainties, the Group believe that, with the firm support from the Group's shareholders and a solid management base as well as the new green technologies, the Group, by putting forth a united effort, are well capable of meeting new challenges, adapting to market adjustments, creating considerable values for shareholders, and making greater achievements.

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