AnAn International (Y35) Q3 2023 TU earnings summary

Executive summary

• 9M 2023 revenue fell 17% YoY to US$1,931.61m and net profit fell 62% to US$11.13m, mainly on lower fuel sales volume and higher operating and finance expenses.

• 3Q 2023 revenue declined 18% YoY to US$687.11m and net profit declined 61% to US$5.05m.

Financial highlights

• 9M gross profit decreased 17% YoY to US$81.85m; 3Q gross profit decreased 22% YoY to US$30.84m.

• 9M profit before tax was US$16.16m, down 61% YoY; income tax expense fell 59% to US$5.03m.

• 9M other operating income rose to US$5.38m from US$0.57m, including US$3.1m of penalties imposed on a contracted customer in France.

• 9M selling and distribution expenses rose 15% to US$58.50m, while finance expenses rose 75% to US$5.24m.

Outlook and guidance

• Focus remains on organic growth and diversification into other natural energy, while maintaining caution amid economic uncertainty.

• Inventories increased to meet anticipated higher customer demand in 4Q 2023.