Qilianshan: net profit fell by 34.07% year-on-year in 2021 and sales of major products declined


Updated 2022-03-28

On the evening of March 17, Qilianshan (600720) released its 2021 Annual Report, saying that the company's operating revenue in 2021 achieved 7.673 billion yuan, with a year-on-year decrease of 1.78%; the net profit attributable to shareholders of the listed company was 948 million yuan, with a year-on-year decrease of 34.07%. The company plans to distribute cash dividends of 4.5 yuan (tax included) per 10 shares to all shareholders, totaling 349 million yuan in cash dividends.

Qilianshan is the largest cement producer in Gansu-Qinghai-Tibet region. The company's products dominate the markets of key high-end projects such as highways, railways and airports, with a market share of 45% in Gansu and 23% in Qinghai.

In recent years, Qilianshan has made strategic layouts in Gansu, Qinghai and Tibet through new construction, mergers and acquisitions, etc., and has so far formed 17 cement production bases with 20 dry-process cement clinker production lines in service. At the same time, the company has actively extended its industrial chain that nine commercial concrete production bases and three aggregates production bases have been put into operation.

In 2021, Qilianshan's cement, clinker, commercial concrete and aggregate businesses achieved operating revenues of 6.898 billion yuan, 162 million yuan, 539 million yuan and 478.327 million yuan respectively. Among them, the operating revenue of clinker and aggregate business increased by 35.81% and 59.25% over the same period of the previous year.

Regarding the business plan for 2022, Qilianshan said that the company will continue to improve in terms of quality and efficiency, structural adjustment, innovation capability, deepening reform and party construction in 2022, and promote the high-quality development of the enterprise to a new level. The main targets are to sell more than 23 million tons of cement, more than 1.1 million square meters of commercial concrete, more than 1.6 million tons of aggregates, and achieve operating revenue of more than 8 billion yuan.

The announcement said that the sales of clinker, aggregate increased year-on-year this year, resulting in an increase in operating revenue, but the operating revenue of main products such as cement and commercial concrete fell year-on-year affected by the decline in sales; by the impact of the significant increase in raw coal prices, the operating costs of cement and clinker products increased year-on-year and gross profit margin decreased year-on-year. This year, the sales in Longnan area and Qinghai-Tibet region increased, resulting in an year-on-year increase in operating revenue, other regions’ operating revenue decreased year-on-year affected by the decline in sales; Affected by the sharp rise in raw coal price and the rise in product production costs, except for Gannan, where sales fell sharply and total operating costs decreased, operating costs in other regions increased year-on-year, and gross profit margins in all regions decreased year-on-year to varying degrees.

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