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                      China Risun Announces 2019 Interim Results--Net Profit Recorded Double Digit Growth of 22.0% to RMB853.5 Million,The Board recommends an Interim dividend of RMB6.18 cents

                      Copy From:Risum Author:whzx Date:2019/8/29 12:03:37

                      (Hong Kong, 19 August 2019) – China Risun Group Limited (“China Risun”, or the “Group”, stock code: 1907), the global leading integrated coke, coking chemical and refined chemical producer and supplier in China, has announced its interim results for the six months ended 30 June 2019 (“1H2019” or “the reporting period”).

                      Financial Review

                      During the reporting period, the Group’s revenue recorded at RMB10,123.8 million (1H2018: RMB10,095.6 million). Gross profit amounted to RMB1,412.5 million, representing a year-on-year (y.o.y) increase of 3.6% (1H2018: RMB1,363.9 million), gross profit margin increased to 14.0% (1H2018: 13.5%). Furthermore, profit attributable to shareholders of the Company increased by approximately 21.4% to RMB841.7 million. Basic earnings per share increased slightly by approximately 1.7% to RMB22.14 cents (1H2018: RMB21.78 cents). To thank shareholders for their continuous support, the Board recommends an interim dividend of RMB6.18 cents (1H2018: nil). Cash and cash equivalents amounted to RMB1,494.9 million

                      Business Review

                      The Group continues to operate in four distinctive segments, coke and coking chemicals; refined chemicals; trading and operation management services. Each segment complements to one another, adding versatility to overall business model and scale, reducing risk from market volatility and price fluctuation.

                      For coke and coking chemical segment, revenue increased by 10.5% to RMB4,636.0 million in 1H2019 (1H2018: RMB4,197.2 million), mainly due to the increase of sales volume and increase in average selling price (ASP) from RMB1,688.4 per ton to RMB1,762.0 per ton. Gross profit of the segment improved by 10.7% to RMB869.2 million from RMB785.0 million, with gross profit margin remained stable at 18.7%.

                      The refined chemical segment recorded a revenue of RMB3,459.8 million (1H2018: RMB4,003.0 million), mainly due to the decrease in unit sales price of benzene and caprolactam sold during the reporting period. Gross profit is at RMB472.3 million, representing a slight y.o.y decrease of 7.6% (1H2018: RMB511.3 million) while the segment gross profit margin increased to 13.7% (1H2018:12.8%).

                      Revenue of trading business increased to RMB1,486.9 million (1H2018: RMB1,475.2 million) mainly as a result of the increased import trading volume of coal from overseas. Gross profit for the segment recorded at RMB25.5 million (1H2018: RMB62.3 million) with gross profit margin at 1.7% (1H2018: 4.2%).

                      In addition, the new operation management services segment has encouraging performance, the revenue surged 28.8% to RMB541.1 million (1H2018: RMB420.2 million), with gross profit significantly increased to RMB45.5 million (1H2018: RMB5.3 million) and gross profit margin at 8.4% (1H2018: 1.3%). Thanks to the continuous efforts made by management in sourcing and negotiating new operation and management projects, as of 19 August 2019, the Group has entered into two new agreements with independent third parties in Shandong and Inner Mongolia with annual coke capacity of 1.2 million tons and 1.0 million tons respectively.

                      Prospect

                      Amid global economy uncertainties, the coking industry and the refined chemical industry both experienced promising production and operation sentiment which was driven by policy implementation in supply-side reform, elimination of outdated production capacity as well as environmental protection policy initiated by the PRC government. Meanwhile, recovery of the iron and steel industry and its consumption growth in the PRC have also been adding favour to the Group’s business.

                      Looking ahead, the Group will continue to solidify its market position as the global leader of producer and supplier of coke, coking chemicals and refined chemicals, while continuing to expand its operation management services and to seize merger and acquisition opportunities to strengthen market share by making use of China Risun brand, and further extend coverage of sales and marketing network to maintain business expansion. The Group is also dedicated to enhance production capacity and improve environmental protection standards. The construction of a 300,000 tonnes of styrene in Tangshan Production Base and a coke dry-quenching project in Dingzhou Production Base will start in the second half of 2019.

                      By capturing the advantages of its vertically integrated production chain and extensive experience of more than 20 years in the coal chemical industry, the Group will continue to refine development strategies and seize the opportunities ahead, aiming to achieve long-term stable growth and deliver promising returns to its shareholders.

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                      Company address: Building 4, Section 5, 188 Western Road of South Loop 4, ABP Area, Fengtai District, Beijing, PRC, 100070
                      Tel:0086-10-63701616  Fax:0086-10-63701860
                      Copyright: China Risun Coal Chemicals Group Limited

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