CNBM sees profit rise 55.6% in 2009

CNBM sees profit rise 55.6% in 2009
Published: 20 April 2010

China National Building Material Co Ltd realised a net profit of CNY2.35bn in 2009, a net profit 55.6% higher than that of 2008, according to the company’s annual report.

Operating revenue rose 26.3% year on year, reaching CNY33.3bn, in 2009. Earnings per share were CNY0.96 in 2009, 41.2% more than in 2008.

Chairman Song Zhiping attributed the strong growth in net profit to the Chinese government’s CNY4trn stimulus package implemented to cope with the financial crisis and to the restructuring of the country’s building material industry.

The company has realized a compound annual growth rate of 72.8% in operating revenue, a compound annual growth rate of 77.2% in operating profit and a compound annual growth rate of 62.2% in net profit since it listed on the Hong Kong Stock Exchange in 2006.

In 2009, the company’s cement sales surged 44% year on year to 114Mt, and its cement production capacity reached 160Mt.