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CIMC Enric's Profit Lifted 28.0% to RMB972.5 Million
HONG KONG, Mar 20, 2014 - (ACN Newswire) - CIMC Enric (03899.HK) announces its annual results for the year ended 31 December 2013. Profit attributable to equity shareholders of the Company rose by 28.0% to RMB972,521,000. Basic earnings per share was RMB0.516 and diluted earnings per share was RMB0.504. The Board of Directors is pleased to propose a final dividend in respect of 2013 of HKD0.12 per ordinary share.
Mr. Zhao Qingsheng, the Chairman of CIMC Enric, said, "Due to the continuous growth in global demand for equipment for storage, transportation, distribution and vehicle application of natural gas, particularly in China, the energy equipment segment continued its robust growth in 2013. With a gradually recovering global economy, the chemical equipment segment's turnover recorded a modest growth. The liquid food equipment segment's surge in turnover was attributed to the improved business environment of the liquid food equipment industry and the acquisition of certain assets from Ziemann Group which broadened the Group's product line-up. As a result, the turnover of the Group for 2013 increased by 23.5% to RMB9,981,462,000 over the previous year."
The energy equipment segment continued to be the dominant segment of the Group with revenue rose by 25.8% to RMB5,371,550,000 and accounted for 53.8% of the Group's total turnover. LNG equipment was the main revenue contributor of this segment. The chemical equipment segment recorded a turnover of RMB3,093,578,000 representing a modest growth of 8.7% on the back of a gradually recovering global economy. The segment made up 31.0% of the Group's total turnover. The liquid food equipment segment has outshone the other two segments again by posting a growth of 56.6% to RMB1,516,334,000 during the year and accounted
for 15.2% of the Group's total turnover.
Embracing the Chinese government's plan to boost natural gas consumption with significant investment being poured into the natural gas industry, the Group's new plants in Shijiazhuang and Langfang of Hebei province and Bengbu of Anhui province have come into operation gradually from the third quarter of 2012 which enhanced its production capacity and competitiveness. The Group will further enhance its production capacity mindfully for coping with the industry's future development.
As one of the key objectives of the Group's five-year strategic development plan, the Group will continue to expand its core business and strengthen its core competitiveness to further consolidate its leading market position in equipment manufacturing. In addition, the Group has been proactively seeking new revenue sources to attain long-term and healthy growth. The Group's R&D team will play a vital role in achieving the above, not only through optimising product design of existing products but also launching new products with advanced technology.
Developing its own ability to offer turnkey engineering services is one of the Group's important strategies. With over 10 years' experience and the advanced qualifications in design and project engineering possessed by YPDI, the Group will step up its effort in exploring more turnkey projects and largely focus on the development of cryogenic tanks, refueling station projects, small and medium scale liquefaction, petrochemical gas storage, gas processing projects, chemical spherical tanks and special vessels for nuclear energy.
The Group's chemical equipment segment will remain committed in maintaining its leading position in tank container manufacturing business by controlling production costs, improving quality and enhancing operational efficiency. To pursue more business opportunities, the segment will input more resources to the development of special tank containers and exploration of more business opportunities especially in China through proactive marketing strategies.
The outlook of the global liquid food industry is still positive, especially in developing countries like China. With the anticipation of a steady growth of the industry, the Group's liquid food equipment arm will continue to implement extension strategies to broaden its customer base.
Source: CIMC Enric
Sectors: Daily Finance, Daily News
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