Sinostar PEC Holdings Limited (SGX: C9Q) (“Sinostar”), one of the largest producers and suppliers of downstream petrochemical products within the Shandong Dongming Petrochemical Industrial Zone, announced an impressive set of 3QFY2020 financial results on 13 Nov 2020.
The Group’s 3Q2020 revenue increased 15% year-on-year from RMB 620.8 million to RMB 714.6 million. Gross profit rose 54% year-on-year to RMB 84.3 million mainly due to an increase in sales volume of the petrochemical products and an expansion in gross profit margins by 300bps to 11.8% in 3Q2020.
According to its press release, Sinostar stands to benefit from the forecasted 8.2% GDP growth in China come year 2021. In addition, the rebound in economic activity and continual demand for protective surgical masks and related products have helped to drive the demand for individual products such as polypropylene (pp) fibre which is used in the manufacturing of these protective equipment.
Small Cap Asia, 16 Nov 2020
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