Anhui Conch Cement's 2022 Net Profit Fell as Demand Weakened

By Yi Wei Wong

Anhui Conch Cement Co. said its net profit fell in 2022 amid weaker demand and high energy costs.

The cement company reported late Monday that its 2022 net profit fell to 15.66 billion Chinese yuan ($2.27 billion), compared with CNY33.27 billion a year earlier.

Revenue fell to CNY132.02 billion in 2022, compared with CNY167.95 billion a year earlier, it said.

The cement company expects its 2023 outlook to be brighter as the Chinese government is expected to continue with the construction of major engineering projects.

Anhui Conch Cement estimates that its capital expenditure will amount to CNY19.32 billion in 2023, which will go toward construction, and technology improvements on energy conservation.

Write to Yi Wei Wong at [e-mail]

(END) Dow Jones Newswires

03-27-23 2011ET