BBMG Corp saw a 2.6 per cent YoY increase in operating revenue of CNY110.7bn (US$15.2bn) in 2024 despite continued economic challenges in China and abroad.
The company’s total profit surged 52 per cent YoY to CNY460m. However, strategic investments and difficult market conditions resulted in a net loss attributable to shareholders of the parent company of CNY-555m.
The increase in revenue was supported by significant contributions by new green building materials, which accounted for 70 per cent of revenue and 62 per cent of gross profit, and real estate development and operations, which contributed 30 and 38 per cent, respectively.
Results by segment
Cement and clinker sales reached 84.4Mt, but the cement segment saw a nine per cent drop in revenue to CNY24.44bn. The consolidated selling price for cement decreased to CNY244/t, down CNY14/t YoY. However, gross profit improved by CNY19/t to CNY39/t as the company reduced costs by CNY2.9bn during the year.
In aggregates, sales volumes advanced 47 per cent YoY to 52.68Mt, spurring operating revenue by 25.3 per cent YoY to CNY1.83bn and resulting in a gross margin of 44.3 per cent.
The concrete business added 7.35Mm3 of new production capacity and developed higher-end products to capture emerging market demand.
In insulation and other building materials, BBMG grew its operating revenue by 10 per cent YoY to CNY12.61bn. This resulted in a 17.3 per cent gross margin.
BBMG Corp’s General Manager, Yu Gu, highlighted the company’s resilience amid adversity: “In the face of the complex economic environment in 2024, BBMG Corporation stabilised operations, enhanced efficiency, laid a solid foundation, and promoted transformation, achieving double growth in revenue and profit.”
