Anhui Conch Cement Co., China’s second largest cement producer by output, said Monday that its first-half profits rose 233.62 per cent YoY due to higher selling prices and increased sales volume.
Net profits rose to CNY5.99bn (US$937.5m), or CNY1.13/share, from CNY1.8bn, or CNY0.34 a share, one year earlier, the cement maker said in a statement filed to the Shanghai Stock Exchange.
Revenues generated from the company’s main business jumped 61.66 per cent from a year earlier to CNY22.12bn.
The company attributed its fast profit growth to higher selling prices and expanded sales volume boosted by the country’s efforts to build more affordable housing units.
China plans to build 36 million units of affordable housing over the next five years, with the construction of the first 10 million units starting 2011.
The country’s cement output rose 19.6 per cent YoY to 951Mt during the first half of this year, according to data from the National Bureau of Statistics.