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Huayi Group nosedive 65%

On April 28, Huayi Group released its annual report of 2019, which performance is much lower than its industrial average。

The report said Huayi Group realized 37.83 billion yuan of sales revenue, year-on-year decreasing 15.02%, much lower than other chemical production companies' 5.38% of growth.

The company posted 625 million yuan of net profit belonging to shareholders, yearly nosediving 65。42%。

Main business' revenue declining

The company said that its main business, chemical production and chemical service, respectively declining 4。69% and 31。27%。

Especially, chemical production's sales and net profit decreased 2.08 billion yuan, because of methanol、ethylic acid price down.

At the same time, they adjusted its chemical service's sales income by 5。2 billion yuan of decline。

Tire Business in red

Huayi Group's sales revenue of tire business grew, but net profit was in 170 million yuan of deficit。

In 2019, Huayi Group realized 8.15 billion yuan of tire income, yearly increasing 5%. Amongst, there were 7.56 billion yuan of full-steel heavy duty radial tires sold in 2019, yearly rising by 5.4%, and 590 million yuan of half-steel radial tires sold at the same time, keeping same with the last year.

There were seven tire rubber companies belonging  to Huayi Group, and three of them posted net profit positive, which are Double Coin (Jiangsu) Tire Co。,Ltd。, China North American Tire Sales Company, and Double Coin (Xinjiang) Kunlun Tire Co。,Ltd。。

To be noticed, Shanghai Double Coin Tire Sales Company realized 2。55 billion yuan of sales revenue, but lost over 100 million yuan of net profit。

Since the company report net decline in January, Huayi Group's stock price declined over 20%。

Tireworld
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