Asia Cement (China) announced interim results with a net profit of about 196 million yuan.

9 August, Asia Cement (China) Holdings released its unaudited interim results announcement for the six months ended 30 June 2023. According to the Announcement, Asia Cement's revenue decreased by 17% to approximately RMB4,105.1 million in the first half of this year (2022: approximately RMB4,947.0 million). Profit attributable to owners of the Company was RMB195.8 million (2022: profit attributable to owners of the Company of approximately RMB311.9 million). The decrease in profit attributable to owners of the Company was mainly due to the decrease in selling price of the Company's products.

It is reported that in the first half of 2023, the sales volume of cement products (cement + clinker ) of Asia Cement Group amounted to 13.36 million tonnes, which was basically the same as the same period in 2022. It is expected that with the release of demand in the second half of the year, the Group will be able to maintain smooth sales channels and maintain market share. The

Group's revenue for the Reporting Period was RMB4,105.1 million, representing a decrease of RMB841.9 million or 17% from RMB4,947.0 million for the corresponding period in 2022. The decrease in revenue was mainly due to the decrease in the selling price of the Group's products. In terms of revenue contribution for the six months ended 30 June 2023, sales of cement and related products accounted for 98% (2022:97%), while sales of ready-mixed concrete accounted for 2% (2022:3%). Cost of

sales and gross profit The Group's cost of sales primarily consists of cost of raw materials, fuel expenses (including coal and electricity), employee compensation and benefits, depreciation and amortization, and other overhead costs. During the period under review, the Group's cost of sales was RMB3,459.1 million (2022: RMB4,173.5 million). The decrease in cost of sales was mainly due to the decrease in coal cost. Gross profit for the six months ended 30 June 2023 was RMB646.0 million (2022: RMB773.5 million) and gross profit margin was 16% (2022:16%) of revenue. The decrease in gross profit as compared with the corresponding period of last year was mainly due to the decrease in selling price of products.