HONG KONG, Mar 24, 2024 – (ACN Newswire) – China BlueChemical Ltd. (“China BlueChem” or the “Company,” stock code: 3983), China’s largest chemical fertilizer central enterprise in both production capacity and production volume, has announced its audited annual results for the year ended 31 December 2023. In 2023, the Company realized a revenue of RMB12.990 billion. Net profit attributable to owners of the Company grew 45.0% year-on-yearly to RMB 2.382 billion, which was the best performance since the establishment of the Company. The Board has recommended the payment of a final dividend of RMB0.207 per share (tax inclusive) for 2023, hitting record high and representing a payout ratio of 40%.
Mr. HOU Xiaofeng, CEO and President of China BlueChem said, “The Company clearly defines its development position and has been promoting the transformation and upgrade of the traditional industrial structure, while, at the same time, it has achieved safe production and pursues to increase its sales efficiency. As a result, China BlueChem’s brand value has been enhancing continuously and reached RMB5.404 billion in 2023, up by RMB1.433 billion as compared with the previous year, which was a record-high increment. To consistently implement the Company’s green and low-carbon development strategy and improve ESG management level, the Company sold 67% of equity interest in a subsidiary, Tianye Chemical (now renamed as New Material Company), which is under urea and methanol segments, which resulted in a one-time revenue of RMB 850 million, thus further optimizing the Company’s asset structure and also significantly driving the growth of the Company’s profits.”
In 2023, the Company’s methanol plant was awarded the honorary title of “Energy Efficiency Leader” by the China Petroleum and Chemical Industry Federation for the twelfth consecutive year, and the synthetic ammonia plant was awarded the honorary title of “Water Efficiency Leader” by the China Nitrogen Fertiliser Industry Association for the fourth consecutive year.
In respect of production management, the Company adhered to the principle of safe production and continued to strengthen management and control over the production operation. There were no production-related accidents throughout the year, and for the second consecutive year, there were no environmental pollution incidents, hence the best performance since the founding of the Company. Hainan Phase I methanol plant once again recorded a long-term operation period of over 500 days, and the continuous operation days of the CNOOC Huahe fertilizer plant and the production volume of urea both achieved record highs. Benefiting from such developments, the Company’s annual production of urea increased significantly year on year. In 2023, the Company produced 2,006 thousand tonnes of urea, 814 thousand tonnes of phosphate and compound fertilizers, 1,462 thousand tonnes of methanol and 165 thousand tonnes of acrylonitrile and related products.
With regard to sales management, the Company continued to strengthen market promotions and promoted refined pricing management. It enhanced its influence across channels and increased sales in the high-price range, to achieve greater sales at higher prices and increase both sales volume and profit. The Company also intensified brand building efforts, focusing on bolstering its position as a “Plant Nutrition Solution Provider”. Furthermore, the Company sought to increase e-commerce direct sales. As a consequence, the e-commerce direct sales to farmers reached 84.6 thousand tonnes, representing a year-on-year increase of 110%. In 2023, the Company sold 1,992 thousand tonnes of urea, 1,444 thousand tonnes of methanol, 473 thousand tonnes of phosphate fertilizers, 353 thousand tonnes of compound fertilizers and 159 thousand tonnes of acrylonitrile and relating products. During the year, the Company exported a total of 153 thousand tonnes of urea and 130 thousand tonnes of DAP, and the export volume of fertilizers increased by 80% year on year. Export of methanol amounted to 25 thousand tonnes.
In 2024, both the supply and demand for urea are anticipated to increase, which can be attributed to its direct application in agricultural products and through the procurement of raw materials for compound fertilizer factories. Due to seasonality, supply and demand are expected to enter different phases based on low and peak seasons. As for phosphate fertilizer, the new overseas production capacity is anticipated to fulfill part of the export demand. The overall balance between supply and demand will be relatively loose in the market, though the cost of raw materials is expected to decline, hence the price of phosphate fertilizer may return to a reasonable level with fluctuations based on the season. With gradual stability entering the global supply chain and adjustments being made in the raw materials market, the cost of raw materials for compound fertilizer will potentially sustain relative balance. Overall, the compound fertilizer market is facing certain fluctuations, and is expected to observe a neutral trend. Regarding methanol, its import will continue to remain at a high level. It is worth noting that the demand from downstream industries for olefins will be stable, whereas traditional downstream industries will show a growth trend, and the alternative application of energy will maintain growth. Furthermore, the overall price center of the methanol market is expected to improve over last year. In respect of acrylonitrile, the growth rate of domestic acrylonitrile production capacity will slow down as the release of existing production capacity has been the main driver of supply. Since the capacity expansion in downstream industries such as ABS and carbon fiber will be relatively concentrated, the overall supply and demand structure will be adjusted and revamped, and the sale in the markets will further improve.
Mr. HOU Xiaofeng, CEO and President of China BlueChem said, “In 2024, the Company will continue to place safety and environmental protection as its top priority, hence it will further strengthen the refined production management, and promote the full implementation of the new Heath, Safety, and Environment (HSE) management system. The Company will also seek product and service upgrades, strengthen its position as a “Plant Nutrition Solution Provider”, precisely implement cost reduction measures, and continuously optimize the value of its products in terms of cost per tonne. Furthermore, the Company will intensify research on the resource utilization of carbon-rich natural gas and CO2 to champion carbon reduction. While promoting industrial innovation with scientific and technological innovation, the Company will master more fertilizer and chemical-related core technologies, and conduct both self-initiated and cooperative research and development. Moreover, it will focus comprehensively on digital and intelligent transformation, intensify research efforts on strategic emerging industries, and optimize planning and deployment, in order to facilitate the Company’s high-quality development.”
About China BlueChemical Ltd.
China BlueChemical Ltd. (“China BlueChem”) is a listed company that specialises in the development, production and sales of chemical fertilisers and synthetic chemical products. It is the largest Central enterprise in the field of chemical fertilisers in terms of both production capacity and production volume. The Company is a subsidiary of China National Offshore Oil Corporation which mainly engages in the exploration, development, production and sales of crude oil and natural gas. On 29 September 2006, China BlueChem was listed on the main board of The Stock Exchange of Hong Kong Limited with the stock code 3983. Currently, its production facilities are located in Hainan, Hubei and Heilongjiang, China, with a total designed annual production capacity of 1.84 million tonnes of urea, 1 million tonnes of phosphate and compound fertilisers (mono-ammonium phosphate, di-ammonium phosphate and compound fertiliser), 1.4 million tonnes of methanol, 200,000 tonnes of acrylonitrile and 70,000 tonnes MMA. It has a deep water port with a designed annual throughout capacity of 18.28 million tonnes in Dongfang city, Hainan province. Boasting continued growth of its brand value, the Company’s brand value reached RMB5.404 billion in 2023, up by RMB1.433 billion as compared with 2022. In early 2023, the Company was granted “The Outstanding Listed Enterprise Awards 2022 – Excellent Results Performance” by Capital Media in recognition of its impressive and growing financial results.
For more information about the Company, please visit its website:
عنوان: پریس ریلیز کا خلاصہ
ماخذ: China BlueChemical Ltd.
سیکٹر: کیمیکل، Spec.Chem
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