Rongsheng Petrochemical (002493) Q2 2024 earnings summary

Executive summary

• Operating income for H1 2024 reached RMB 161.25 billion, up 4.35% year-over-year, with net profit attributable to shareholders at RMB 858 million, reversing a loss in the prior year.

• The company maintained its leading position in the global chemical industry, ranking 6th in brand value and 14th among the top 50 global chemical enterprises.

• Strategic cooperation with Saudi Aramco deepened, including equity transactions and joint project development.

Financial highlights

• Net profit attributable to shareholders was RMB 858 million, compared to a loss of RMB 1.13 billion in H1 2023.

• Net profit excluding non-recurring items was RMB 672 million, up 148.44% year-over-year.

• Basic and diluted EPS were RMB 0.09, up from -0.11 in the prior year.

• Net cash flow from operating activities was RMB 8.39 billion, a significant improvement from negative RMB 2.28 billion last year.

• Total assets increased 2.98% to RMB 386.10 billion; net assets attributable to shareholders decreased 0.91% to RMB 43.93 billion.

Outlook and guidance

• The company will continue to expand its product portfolio in new energy and high-end materials, leveraging its integrated industrial chain.

• Ongoing cooperation with Saudi Aramco is expected to enhance international market presence and supply chain stability.

• Focus remains on innovation, cost control, and operational efficiency to drive sustainable growth.