Jinyuan Hydrogen (02502.HK) announced that the group expects the total amount of comprehensive income attributable to owners of the company for the six-month period ending June 30, 2024 ("performance") to decrease by approximately 40% compared to the six-month period ending June 30, 2023.
The estimated downward revision of the performance is mainly due to the narrowing of the gross profit of the group's main product, hydrogenated phenyl chemical, because of the difference between its price and the price of its raw material, crude benzene, in the first half of 2024 compared to the same period in 2023. This difference in price increase, calculated as the average price change, is about 10%.
However, compared with the second half of 2023, the percentage increase in the average price of crude benzene in the first half of 2024 is approximately the same as the percentage increase in the average price of hydrogenated phenyl chemicals. Therefore, the gross profit of this product has improved.