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Dongguang Chem (01702.HK) has paid additional taxes.
On December 6, Gelonghui announced that Dongguang Chem (01702.HK) received a notification on November 21, 2024, from the tax inspection bureau of Cangzhou City, China, regarding a tax audit targeting Hebei Dongguang. According to the tax notice, Hebei Dongguang is required to pay additional taxes amounting to approximately 58.4 million yuan. As of the date of this announcement, the group has settled the additional tax payment. It is expected that this payment will have a certain impact on the group's overall profit for the year ending December 31, 2024.
Citic sec: Global demand remains strong, and the leading potash fertilizer producer's production cut may raise prices.
Citic sec predicts that the supply and demand for global potassium fertilizer will be tight in 2025, and potassium fertilizer prices are expected to rebound from the bottom.
Sinolink: Potash fertilizer supply is expected to be jointly controlled, and resource prices are expected to provide support.
Only 11 companies have a potassium chloride production capacity exceeding 2 million tons, mainly concentrated in Canada nutrien, Belarus Belaruskali, Russia Uralkali, and the usa Mosaic, with a combined production capacity accounting for 67.26% of the industry, high industry concentration.
DONGGUANG CHEM: Interim Report 2024
CICC: Global potassium fertilizer production capacity is limited, bullish on the industry's outlook.
In 2024, the contract price for imported potash fertilizer is CFR $273 per ton, and the corresponding domestic market price including taxes is estimated to be around 2,300 yuan per ton. Considering the support role of the contract price of potash fertilizer and the subsequent gradual entry into the peak season for fertilizer use, I am bullish on the maintenance of a prosperous domestic potash fertilizer price.
dongguang chem (01702.HK) first-half net profit increased by about 20.5% to 89.8 million yuan
On August 27th, Geelong announced that Dongguang Chem (01702.HK) successfully implemented multiple strategies in the first half of 2024, despite facing various market challenges, to maintain competitiveness and growth potential, and achieved robust performance, demonstrating strong market performance and technical strength. The group's net profit increased by approximately 15.3 million RMB or 20.5% to approximately 89.8 million RMB for the reporting period, compared to approximately 74.5 million RMB for the six months ended June 30, 2023. The increase in net profit was mainly due to an increase in overall gross profit and gross margin, which was mainly due to a decrease in raw material costs.
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