Hengli Petrochemical (600346) Q3 2024 earnings summary

Executive summary

• Q3 revenue reached RMB 65.23 billion, up 2.42% year-over-year; net profit attributable to shareholders was RMB 1.09 billion, down 59.01% year-over-year.

• Net profit for the first nine months was RMB 5.10 billion, a 10.45% decrease year-over-year.

• Decline in quarterly profit mainly due to reduced product price spreads compared to the same period last year.

Financial highlights

• Q3 basic and diluted EPS were RMB 0.16, down 57.89% year-over-year; nine-month EPS was RMB 0.73, down 9.88%.

• Operating cash flow for the first nine months was RMB 20.12 billion, down 16.03% year-over-year.

• Total assets at quarter-end were RMB 272.46 billion, up 4.55% from year-end 2023.

• Shareholders' equity reached RMB 61.33 billion, up 2.23% from year-end 2023.

Key financial ratios and metrics

• Weighted average ROE for Q3 was 1.83%, down 2.79 percentage points year-over-year.

• Gross margin for the first nine months was approximately 10.3%.