Inner Mongolia Junzheng Energy & Chemical Group (601216) H1 2024 earnings summary

Executive summary

• Revenue for the first half of 2024 reached RMB 11.66 billion, up 18.96% year-over-year; net profit attributable to shareholders was RMB 1.51 billion, down 0.71% year-over-year.

• Cash flow from operating activities increased 72.52% year-over-year to RMB 902 million, mainly due to higher bank acceptance bill discounts.

• Major new projects, including the first batch of the green degradable plastics chain, 300万吨/年焦化, and 55万吨/年甲醇, completed construction and entered trial production.

• The company maintained stable operations in both energy-chemical and chemical logistics segments, with no major safety or environmental incidents.

Financial highlights

• Operating income: RMB 11.66 billion, up 18.96% year-over-year.

• Net profit attributable to shareholders: RMB 1.51 billion, down 0.71% year-over-year.

• Net profit after non-recurring items: RMB 1.56 billion, up 3.49% year-over-year.

• Basic and diluted EPS: RMB 0.1794, down 0.72% year-over-year.

• Total assets: RMB 41.75 billion, up 3.92% from year-end 2023.

Outlook and guidance

• The company expects continued ramp-up of new projects, with production loads and indicators gradually normalizing.

• The 450MW photovoltaic project is under construction and expected to complete by year-end.

• No interim dividend, bonus shares, or capital reserve transfer planned for the half year.