China Building Materials (03323) announced that its subsidiary, Xinjiang Tianshan Cement Co., Ltd. (Tianshan Cement), is expected to return a net profit of 4 billion yuan to 5.2 billion yuan in 2022, a decrease of 68.08% to 58.50% compared with the same period last year.
The announcement said that compared with the same period last year, the main reason for the performance change was that the market demand decreased during the reporting period due to the repeated COVID-19 epidemic and the decline in the growth rate of investment in real estate development. As a result, the sales volume and price of cement clinker and commercial concrete, the main products of Tianshan Cement, decreased to varying degrees compared with the same period last year. Affected by the rising prices of coal and other major raw materials, the cost of cement clinker increased year on year.
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