On August 18, China Resources Cement Holding Limited (SEHK stock code: 1313) announced its 2023 interim results. In the first half of 2023, the company's consolidated turnover fell 24.5% year-on-year to HKD 12.17 billion, and the profit attributable to owners of the Company fell 65.6% year-on-year to HKD 620 million, with a Basic Earnings per Share of HKD 0.089. As at June 30, 2023, the Company's total assets were HKD 81.66 billion, and the net assets per share was HKD 6.9, with a dividend payout ratio of 46.1%.
From a business overview standpoint, during the period, the Company’s total external sales volume of cement, clinker, and concrete were approximately 28.52 million tons, 1.02 million tons, and 3.8 million m3, respectively. The utilization rates of cement, clinker, and concrete production lines were 63.6%, 78.9%, and 21.3%, respectively. The blended average selling price of cement and clinker was HKD 355 per ton, and the average selling price of concrete was HKD 441 per m3 .
On August 21st, China Resources Cement held a 2023 Interim Results Announcement Conference. Ji Youhong, Chairman of the Board of Directors of China Resources Cement, CEO Jing Shiqing, and CFO Tan Ying attended the meeting at China Resources Building in Hong Kong.
The briefing attracted more than 20 analysts and fund managers from domestic and foreign financial institutions such as the Capital Group, Citigroup, Morgan Stanley, UBS, CICC, BOC International, Guotai Junan, and Haitong, and was simultaneously broadcast live to about 30 domestic and foreign investors online through Tencent Meeting. The attending leaders introduced the company's interim performance and conducted in-depth exchanges with investors on major topics such as industry development, market outlook, competitive landscape, cost control, new business development, ESG, and intelligent upgrading.
CFO Tan Ying stated that the willingness of major industry players to restore profitability has increased, and prices are expected to rebound. In the second half of the year, China Resources Cement will actively participate in staggered production in the industry and adjust prices in a timely manner according to changes in market demand.
CEO Jing Shiqing introduced the intelligent transformation and development of China Resources Cement, and focused on explaining the current situation of Tianyang Cement, the first "six-star benchmark factory" of China Resources Group to achieve 5G full coverage and full automation of production, and the progress of applying for Lighthouse Factory. He stated that through the application of new technologies, the operational efficiency of Tianyang Cement has been significantly improved, and invited investors to participate in China Resources Cement's 2023 reverse roadshow to systematically experience the cost reduction and efficiency enhancement achievements of intelligent manufacturing, intelligent logistics, and digital mining on site.
Chairman Ji Youhong emphasized that 2023 is the 20th anniversary of the establishment of China Resources Cement. The company will focus on the annual development theme of "systematic reshaping and high-quality development", optimize the industrial chain layout, benchmark against world-class enterprises, accelerate digital and intelligent transformation, increase innovation and research and development investment, accelerate strategic emerging industry layout, continuously improve operational efficiency and quality, improve environmental protection, safety and health management level, and actively promote "carbon peak and carbon neutrality". He pointed out that the company will accelerate the promotion of the "14th Five-Year Plan" strategic plan, fully implement the new development concept in a complete, accurate, and comprehensive manner, strengthen the basic building materials and functional building materials business, integrate the structural building materials business, incubate and cultivate new materials business; focus on cement, aggregates, concrete, artificial stone, and new materials "4+1" businesses, continue to deepen the three major capabilities of "lowest total cost, leading market position in the region, and innovation-driven development", continuously strengthen excellent operational level, continuously improve research and development capabilities, accelerate green development, lead the industry's digital transformation, enhance industry leadership position, adhere to provide high-quality building materials products, services and system solutions for the public.
Please refer to the chinese version for more details.
Chairman Ji Youhong's speech
CEO Jing Shiqing's speech
Group photo at the announcement conference
Translation results
Translation resulGroup photo at the press conference
