Xinjiang Tianshan Cement (000877.SZ) released its interim report for the first half of 2024, during which the company achieved revenue of 3...
Futubull Financial APP News, Xinjiang Tianshan Cement (000877.SZ) released its interim report for the first half of 2024, during which the company achieved revenue of 39.699 billion yuan, a year-on-year decrease of 25.72%; a net loss of 3.414 billion yuan attributable to the shareholders of the listed company, which changed from profit to loss year-on-year; a net loss of 3.686 billion yuan attributable to the shareholders of the listed company after deducting non-recurring gains and losses; a basic loss per share of 0.394 yuan/share.
In the first half of 2024, the cement industry presented the operating characteristics of "continuing decline in demand, low-price fluctuations, and continuous losses". The demand in the cement market continued to decline deeply, with production reaching the lowest level during the same period since 2011, but the decline in the second quarter narrowed compared to the first quarter. The real estate industry is still in a period of adjustment, while the growth rate of infrastructure investment continues to slow down, and the overall demand in the cement market remains weak. From January to June 2024, the national cumulative cement production was 0.85 billion tons, which decreased by 10% year-on-year (comparable caliber).
The company's performance mainly comes from the production and sales of cement, ready-mixed concrete, and aggregates. During the reporting period, due to the continuous decline in real estate investment and insufficient funds for infrastructure projects, the decline in cement demand significantly expanded. Although the decline in coal prices compared to the previous year led to a substantial decrease in costs, the continued low prices resulted in a larger decrease in gross margin compared to the decrease in costs, and a year-on-year decrease in profitability.
During the reporting period, the company's operating situation matched the industry's development. From January to June 2024, the company sold 94.44 million tons of cement, a year-on-year decrease of 11.68%; sold 11.59 million tons of clinker, a year-on-year decrease of 21.30%; sold 34.26 million cubic meters of ready-mixed concrete, a year-on-year increase of 1.51%; sold 59.38 million tons of aggregates, a year-on-year decrease of 6.38%.