Shaanxi Heimao Coking Co., Ltd. forecasted its net profit attributable to shareholders of the listed company to reach 250 million to 280 million yuan in 2020, surging about 823-933% compared with a year earlier, the company said in an announcement on January 20.
Net profit excluding nonrecurring gains or losses is expected to reach 245 million to 275 million yuan in 2020, about 1067-1210% higher from the year-ago level, the company said.
The company contributed the increase partly to higher gross profit rate of major product coke, with both coke prices and production of its subsidiaries rising significantly compared with the preceding year.
The company's net profit stood at only 27.10 million yuan in 2019, due to low coke prices, maintenance of the methanol plant, and weak performance of its new subsidiaries of Xinfeng Technology, Heimao Chemical and Heimao Energy during pilot production stage, the company said.
High profit was also closely related to the company's investment income, which increased by about 90 million yuan in 2020 compared with 2019.
Shaanxi Hemao Coking is mainly engaged in production of coke, methanol, ammonia, LNG, and benzene.
(Writing by Emma Yang Editing by Tammy Yang)
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