Shougang Harmony Century: Century broadcasts its 2020 annual outcomes

HONG KONG, March 22, 2021 – (ACN Newswire) – – Shougang Harmony Century Holdings Restricted (“Shougang Century”, along with its subsidiaries, “the Group”; inventory code: 0103.HK) is happy to announce its annual audited outcomes for the fiscal 12 months ended December 31, 2020.

In the course of the 12 months underneath overview, the pandemic epidemic introduced the shutdown of producing industries in quite a lot of international locations, dealing a extreme blow to the worldwide financial system. Happily, the Chinese language authorities responded rapidly to the pandemic after the outbreak with a sequence of efficient and focused measures, which supported passable progress in resuming work and ramping up manufacturing. However, the rampant pandemic has not been introduced underneath management overseas and has dragged on manufacturing sectors in different international locations, leading to a scarcity of tires and associated merchandise. With this in thoughts, the Group decisively seized market alternatives by exploring new prospects, whereas optimizing its industrial combine to reply flexibly to the wants of its prospects. On the identical time, with the intention to actively reply to market demand, the Group has adopted a multidimensional method to develop its manufacturing capacities with the intention to stimulate each provide and its core competitiveness.

Benefiting from the Group’s strict and efficient price management, the gross margin from persevering with operations elevated from 17.6% in 2019 to 19.3%, whereas the gross margin from persevering with operations elevated from 4.3% to 394,322,000 HK $. With the discount in monetary bills, revenue earlier than tax and Group consequence for the 12 months elevated by 26.0% and 36.8% at HK $ 145,911,000 and 148,254,000 HK $, respectively. The board of administrators really helpful the fee of a ultimate dividend of 1.5 HK cents per share for the monetary 12 months ended. December 31, 2020 (2019: HK1 cent per share), dividend payout elevated by 50%.

Located in Zhejiang province and Shandong Province, the 2 main manufacturing bases of the Group produce round 200,000 tonnes of metal cables in whole annually. To fulfill the rising demand for tires in China and overseas, fueling sturdy market demand for metal cables, the Group expanded its manufacturing capability by additional optimizing the development of its plant. In 2019, the Group launched an enlargement plan at its Tengzhou plant and invested in new brass wire manufacturing amenities so as to add an extra 100,000 tonnes of metal cable manufacturing capability. Stimulated by strong building progress, the Group continued to make nice strides in the direction of its objective of turning into an organization with an annual manufacturing capability of over 300,000 tonnes of top quality metal cables.

Mr. SU Fanrong, Chairman and CEO of Shougang Century mentioned: “Sooner or later, the rising demand for tires for big home automobiles, coupled with the rising want for metal cables pushed by the federal government’s` `indoor site visitors ” coverage Chinese language and the requirement of power saving and discount profit the event of the home metal cable business. Because the markets for photovoltaics, sapphire and magnetic supplies steadily enhance, the home noticed wire market has grown steadily. We’re totally assured within the actions of the Group and we’ll repeatedly try to attain our objective of turning into one of many three main impartial producers within the wire rope business by China. ”

About Shougang Harmony Century Holdings Restricted

Shougang Harmony Century Holdings Restricted (0103.HK) is principally engaged within the manufacture of metal cables for radial tires, noticed wire and different steel wire merchandise. The Group has two giant manufacturing bases in Zhejiang province and Shandong Province, collectively producing round 200,000 tonnes of metal cables per 12 months. Having provided merchandise of constantly superior high quality through the years, the Group provides merchandise to greater than 20 international locations all over the world and has gained broad recognition from worldwide tire producers. Listed on Hong Kong Inventory Trade since April 1992, the Group has a strong shareholder base with main shareholders together with Shougang Group Co., Ltd. (a state-owned enterprise underneath the direct supervision of the Beijing state-owned firm Asset monitoring and administration fee), a Fortune 500 firm, and its managed firms, Bekaert Group and Li Ka Shing Basis Restricted. By means of its long-standing dedication to offering premium high quality metal cables and wire merchandise, the Group goals to turn into one of many three main impartial producers within the metal cable business by China.

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