Silicon Industry Leader Xingfa Group Achieved Net Profit of 1.379 Billion Yuan Last Year

Silicon Industry Leader Xingfa Group Achieved Net Profit of 1.379 Billion Yuan Last Year

Recently, the phosphorus chemical industry leader Hubei Xingfa Chemical Group Co., Ltd. (Xingfa Group, 600141) announced that in 2023, the company achieved revenue of 28.105 billion yuan, a year-on-year decrease of 7.28%; a net profit of 1.379 billion yuan, a year-on-year decrease of 76.44%; and a basic earnings per share of 1.25 yuan. The company plans to distribute a cash dividend of 6 yuan (tax included) for every 10 shares.

According to the announcement, at the end of 2023, Xingfa Group's total assets were 44.561 billion yuan, an increase of 7.04% year-on-year; the equity attributable to the owners of the parent company was 20.705 billion yuan, an increase of 1.95% year-on-year; the weighted average return on net assets was 6.73%, a decrease of 28.03 percentage points year-on-year; the net assets per share were 19.76 yuan, an increase of 2.98% year-on-year; and the asset-liability ratio was 50.7%, an increase of 1.97 percentage points year-on-year.

Xingfa Group stated that during the reporting period, affected by changes in the macroeconomic situation and market supply and demand, the agricultural chemicals sector and the organosilicon sector experienced a downturn in market prosperity. Sales prices and production and sales volumes of products such as glyphosate technical and organosilicon DMC also experienced varying degrees of decline year-on-year, leading to a significant decrease in profitability in these sectors. The mining and special chemicals sectors of the company were relatively less affected by the macroeconomic situation and maintained a steady development trend overall, which were the main sources of the company's performance during the reporting period.
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