The board of directors of the Xin Yuan Enterprises Group Limited provided earnings guidance for the year ended December 31, 2020. For the year, the company expects to a net profit of approximately USD6.0 million for the year ended 31 December 2019, the Group is expected to record an increase in net profit for the year ended 31 December 2020 by no less than 35% based on the preliminary assessment of the unaudited management accounts of the Group. The Board considers that the increase in the net profit for the Reporting Period was primarily attributable to the revenue generated from time charters of company two Capesize vessels, XYMG Noble and XYG Fortune, which were delivered in October and November 2019 respectively and were in full operation for the whole year ended 31 December 2020.