CNBM: First half net profit of 1.404 billion, down 74.9% year-on-year!

A few days ago, CNBM announced its interim results. For the six months ended 30 June 2023, the Group's unaudited revenue was RMB102.374 billion, representing a decrease of 8.5% as compared with the same period in 2022. The Group's unaudited profit attributable to equity holders was RMB1.404 billion, representing a decrease of 74.9% as compared with the same period in 2022. Basic earnings per share was RMB0.166, representing a decrease of 74.9% as compared with the corresponding period in 2022. The Board does not recommend the payment of an interim dividend.

Basic building materials show the operation characteristics of "weak demand, high storage and low price, and declining efficiency". In the first half of 2023, the national cement output was 953 million tons. The industry actively strengthened the supply-side structural reform, but the contradiction of excess capacity was still serious. Although the coal price continued to decline and the cost pressure was alleviated, it failed to offset the decline in cement price , and the profit margin was squeezed.