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RUICHANG INTL (01334.HK) issues a profit warning: expects net profit in 2024 to decrease by approximately 81.3% year-on-year.
On March 13, Gelonghui reported that RUICHANG INTL (01334.HK) announced that the group expects to record a net profit of no less than RMB 10.3 million for the year ending December 31, 2024, while for the year ending December 31, 2023, a net profit of approximately RMB 55.2 million was recorded, representing a decrease of about 81.3% in net profit. The expected annual net profit decrease is mainly due to (i) considering the reduced demand in the downstream market and the slowdown in capital investment in the oil refining and petrochemical Industry, related customers have temporarily delayed several major sales Orders, leading to a decline in the group's product sales, which in turn affects the group's total revenue for the year.
Express News | Ruichang International - Decline Due to Decreased Sales, Competition, and Increased Expenses, Others
Express News | Ruichang International - Expected FY Net Profit of Not Less Than RMB10.3 Million
RUICHANG INTL: PROFIT WARNING
Ruichang International to Form Phosphorus Pollution Control JV
RUICHANG INTL (01334.HK) plans to establish a joint venture to engage in phosphorus pollution control deployment, phosphorus-containing waste treatment technology, and the recycling of related waste products.
On December 9th, Glonghui announced that Ruichang Intl (01334.HK) has entered into a joint venture agreement on December 9, 2024, with Shanghai Lanrui Eco-friendly Concept Energy Technology Co., Ltd. and Huangshan Eco-friendly Group Co., Ltd. to establish, operate, and manage a joint venture company. Ruisheng Huangshan will hold 80% of the registered capital of the joint venture, while the other partners will hold 10% each of their respective registered capital. The joint venture plans to mainly engage in phosphorus pollution control deployment, phosphorus waste treatment technology, and the recovery of related waste products. As of the date of this announcement, it is proposed.
