Corporate News
• Revenue rose 62% Y-O-Y on maiden contribution from newly acquired subsidiary, Dongming Qianhai at end 2018
• Net Profit surged 67% Y-O-Y to RMB 138 million
Sinostar PEC Holdings Limited (SGX: C9Q), one of the largest producers and suppliers of downstream petrochemical products within the Shandong Dongming Petrochemical Industrial Zone, today announced its financial results for the full year ended 31 December 2019 (“2019”), with a 67% Y-O-Y surge in net profit.
Mr Zhang Liucheng, Chief Executive Officer and Executive Director of Sinostar PEC, commented, “This set of results showed the contribution from Dongming Qianhai, which doubled our propylene production capacity and broadened our product offerings. Despite a periodical production plant maintenance, which temporarily stopped production, we managed to record a set of commendable results. We begin the new year on a cautious note, monitoring the COVID-19 outbreak situation closely while remaining confident in our long-term growth outlook.”
