Zhongwang’s Revenues Rise By Over 30 Percent On The Year In 3Q

Zhongwang’s Revenues Rise By Over 30 Percent On The Year In 3Q

China’s aluminium extrusions titan China Zhongwang Holdings Ltd. announced third-quarter results yesterday, turning in higher numbers across the board for both the quarter and the year’s first nine months.

For the third quarter, Zhongwang sold 247,725 metric tons of product, up 23 percent on the year from last year’s third-quarter total of 204,170 metric tons. Revenue in the quarter totaled CNY7,027 million, a 30.4-percent jump over last year’s total of CNY5,389 million. Gross profit for the quarter came in at CNY2,302 million, a rise of 21.2 percent on the year. EBITDA for the quarter figured at CNY2,106 million, better than last year’s total of CNY1,874 million by 12.4 percent, and net profit for the quarter rose from CNY1,084 million last year to CNY1,243 million in the just-ended quarter, a bump of 14.6 percent.

Zhongwang reported a sales volume of 572,821 metric tons through the first nine months of the year, up by 17.2 percent over last year’s opening nine month total. Revenue for the period came to CNY16,357 million, besting last year’s nine-month total of CNY12,714 million by 28.7 percent. Gross profit rose by 21.4 percent in the period, from CNY4,334 million last year to CNY5,264 million this year. Zhongwang’s first-nine-month EBITDA totaled CNY4,924 million, a 14.2-percent rise over last year, and net profit came to CNY2,344 million, good for a 7-percent bump on the year.

Commenting on the results was Lu Changqing, Chairman and President of Zhongwang.

“Adhering to the spirit of modern craftsmanship, we have unceasingly conducted in-depth research on technological improvement and product innovation, constantly improving quality and adding value to our products. Oustanding performance of high-end products including aluminium alloy formwork and large-sized parts for railway vehicles drove the steady business growth of the Group. Meanwhile, the Group becomes a Tier-1 supplier to Jaguar Land Rover, marking our breakthrough in the overseas automotive market.”

“The government unswervingly supports the development of the private sector,” Lu continued. “As one of the leading private enterprises in China, China Zhongwang will stay committed to its core business. The Group will promote the application of the ecological aluminium alloy with relentless technological innovation, and facilitate light-weight development in both upstream and downstream sectors, so as to contribute to the industrial upgrading in China.”