Profit dropped to 1/3 of the previous year, and the net profit of Qibin Group, the leading glass company, decreased by 65.78% to 70.50% last year.

Digital Building Materials DataBM. Com reported on January 30 that Qibin Group, the leading glass company, today issued a performance reduction announcement for 2022, which shows that the company expects to achieve a net profit of 1.25 billion yuan to 1.45 billion yuan attributable to the owner of the parent company in 2022, compared with the same period last year. It is estimated to decrease by 2.787 billion yuan to 2.987 billion yuan, a decrease of 65.78% to 70.50% over the same period last year. The net profit attributable to the owner of the parent company after deducting non-recurring gains and losses is 1.13 billion yuan to 1.31 billion yuan, which is expected to decrease by 2.845 billion yuan to 3.025 billion yuan, 68.47% to 72.80% compared with the same period last year.

The company said that the sharp drop in profits in 2022 was affected by many factors, such as insufficient market demand for float glass, sustained low prices, high inventory of production enterprises, soaring prices of main raw materials and fuels, resulting in high costs, which eventually led to the compression of gross product interest rates and the squeeze of profit margins.