Conch Cement expected the net profit to drop 50%-58% year-on-year in 2022


Updated 2023-03-03

On January 30, 2023, Conch Cement issued a forecast of its 2022 annual performance, estimating that the net profit attributable to the parent company for 2022 will range from 13.973 billion yuan to 16.633 billion yuan, with a decrease of 16.634 billion yuan to 19.294 billion yuan, or 50% to 58% year-on-year, compared with the same period of last year (statutory disclosure data).

The announcement stated that the main reasons for the decrease in performance are: in 2022, affected by the downward trend of real estate market and the recurring COVID-19 pandemic, the demand of cement market declined, and the sales price and sales volume of the company's cement products decreased year-on-year; meanwhile; at the same time, affected by the increase in price of coal and electricity, the costs of the company's products increased year-on-year.

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