【For Immediate Release】 19 July 2021
(Stock Code: 2886.HK)
Binhai Investment's Positive Profit Alert
Profit Attributable to Shareholders for 2021 First Half is Expected to Reach 110% YoY Growth
[Hong Kong - 19 July 2021] One of China's leading clean energy provider - Binhai Investment Company Limited (the "Company", together with its subsidiaries, the "Group", stock code: 2886) is pleased to announce based on the preliminary review of the unaudited consolidated management accounts of the Group for the six months ended 30 June 2021, the profit attributable to equity holders of the Company is expected to show an increase of approximately over 50% as compared to that for the corresponding period in 2020. Had the effect of recovery of bad debts from Tianjin Steel Pipe Manufacturing Co., Ltd. by the Group which accordingly reverted the corresponding bad debt provision (approximately HK$51.54 million) been excluded in the corresponding period in 2020, the profit attributable to equity holders of the Company is expected to show a significant increase of approximately over 110%. Such increase was mainly due to the significant increase in revenue recorded from the sales of piped natural gas and the construction and gas pipeline installation by the Group with the vigorous promotion of double carbon goal and environmental protection and ecological policies.
In the first half of 2021, the Group has successfully obtained a number of projects including the gas supply project in phase 3 of Tianjin airport economic area this May, the actual supply of natural gas to the second production line of Lanxin Glass, the Ansteel Tiantie natural gas supply project and the Semcorp natural gas supply project in June. These maintenance, construction and supply projects of natural gas facilities will provide solid foundation for the Group to expand its market share in Tianjin and other areas. By further extending the Group's gas pipeline network, this will continue to increase sales volume of piped natural gas and thereby increasing profit steadily. At the same time, these projects will facilitate the development of other projects of the and strengthen its position and influence in the natural gas market.
In the future, with the central government's clear deployment to build a new domestic circulative economy strategy, the increase of clean energy demand due to the "14th Five-Year Plan" and the accelerating urbanization process will effectively stimulate the rigid growth of demand for clean and low-carbon energy, including natural gas. Under the double goal of "carbon emission peak" in 2030 and "carbon neutrality" in 2060, the pace of energy structure transformation will be accelerated. With the dual support from our shareholders, TEDA Holdings and Great Wall Energy under Sinopec, the Group will accelerate the pace of integrating its own resources and advantages, further consolidate the foundation of its main business, actively expand its integrated energy business, continue to explore potential market opportunities, and improve regional development across the country The strategic layout promotes the leapfrog development of business scale and brings higher returns to stakeholders.
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Binhai Investment Company Limited (the "Company", together with its subsidiaries, the "Group", stock code: 2886) is a leading clean energy service provider in China. The main business is to invest in the construction and operation of urban gas pipeline networks in China, provide connection services, supply and deliver natural gas and liquefied petroleum gas and provide clean energy to industrial and commercial users and urban residents. It has been committed to developing the urban gas business in China and was one of the first foreign-funded companies to get involved in the city gas business in China and have been devoted to expanding our business in China's gas market. The Group's business is distributed across seven provinces and two cities across the country, with a total of 38 operating units, and has become a national clean energy supplier.
This press release is issued by DLK Advisory Limited on behalf of Binhai Investment Company Limited.
For enquiries, please contact:
DLK Advisory 金通策略
Tel：+852 2857 7101
19/07/2021 Dissemination of a Financial Press Release, transmitted by EQS Group.