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Profit of Sinochem Hit a Record High in Q1-Q3 2017

Date:2017-10-23 Source:Sinochem Group

On October 17, Sinochem Group held Strategic Implementation Meeting for Q1-Q3 2017, analyzed the situations of business performance and strategic progress in Q1-Q3 2017, and made arrangements for work priorities in Q4 2017.

President Zhang Wei pointed out at the meeting that since 2017, the global economy stabilizes and enjoys recovery momentum. Important economic indicators of major economies continue to turn better. Crude oil, fluorine chemical, fertilizer and other main businesses and products see high price levels in recent years. Chinese economy tends for bright prospects against the background of stability. Sinochem Group adapts to the favorable business situations, increases market development efforts, and makes phased progress in reform and development.

From January to September 2017, the overall operating performance of Sinochem Group rebounded significantly. During Q1-Q3 2017, business performance indicators, such as operating revenue, EBITDA and total profit, significantly grew on QoQ basis. Profit hit a record high, while investor returns rose significantly. Among them, Sinochem Group realized cumulative total profit of RMB11.2 billion in Q1-Q3 2017, with QoQ increase up to 128%. Total profit of the five strategic business units reached the budget on schedule and witnessed substantial increase on QoQ basis. Sinochem Group pays tribute to successful convening of the Nineteenth CPC National Congress with the best business performance.

In Q1-Q3 2017, business performance and strategic progress of Sinochem Group were primarily characterized by the following six aspects: Firstly, various business units accurately seized the market opportunities, and didn’t make major mistakes. Secondly, new development momentum has arisen. Quanzhou Petrochemical Refining Project has become the main profit growth pole. Strategic breakthrough has been made in Shandong petroleum business. Dicamba and other new products become the core cash cows of pesticide business line. Thirdly, management innovation achieved initial results. The five management system with focus on party building system, macro supervision system, 6S system, corporate culture system and operational management system have been established. In particular, the release and implementation of 6S System greatly help solve the problem of headquarters’ management over business units, and stimulate great enthusiasm of the frontline employees. Fourthly, innovation culture is in its infancy. Fifthly, greater efforts were made for Energy “Internet+”,, MAP Strategy and other innovation tasks. Sixthly, Sinochem Group highlighted “capital management”. Its listed companies held the spotlight in the capital market. For example, China Jinmao witnessed substantial increase in year-to-date market capitalization.