The net profit of Jinniu chemical will decrease by 68.24% in 2020, and the demand for methanol will shrink



On April 28, Jinniu chemical (600722) recently released its 2020 annual report. During the reporting period, the company achieved an operating income of 404035305.28 yuan, a year-on-year decrease of 48.68%; The net profit attributable to shareholders of listed companies was 9925926.88 yuan, a year-on-year decrease of 68.24%.


金牛化工2020年净利减少68.24% 甲醇需求萎缩

During the reporting period, the net cash flow from operating activities was 32522587.47 yuan, and the net assets attributable to shareholders of listed companies were 1012459571.88 yuan by the end of 2020.

The company’s main business is methanol production and sales of its holding subsidiary Jinniu Xuyang, with a production capacity of 200000 tons / year. Novel coronavirus pneumonia and low operating rate pile up in excess of requirement were the main factors affecting the demand for methanol. The price of methanol was reduced and the market was seriously oversupplied. The price was much lower than that of the same period last year. The upstream gas supply volume and the fourth quarter shutdown were the main reasons for the decline in methanol production. Combined with the above factors, the company’s performance in the reporting period decreased year on year.

In 2020, the management of the company faced the complex environment such as the macroeconomic downturn, the low price of COVID-19 and methanol, focusing on economic benefits. Focusing on the business objectives set at the beginning of the year, we managed to make concerted efforts and arrange production and operation reasonably to ensure the smooth development of the company’s business in 2020. During the reporting period, the company achieved an operating income of 404035300 yuan, a year-on-year decrease of 48.68%; The net profit attributable to the shareholders of the listed company was 9.9259 million yuan, a year-on-year decrease of 68.24%; Methanol production is 173400 tons.

According to the announcement, the total remuneration of directors, supervisors and senior managers during the reporting period was 1.9365 million yuan. Zheng Wenya, the chairman and director of the board, did not receive remuneration from the company; Qi yongxue, the director and general manager, received a total pre tax remuneration of 234900 yuan from the company; Zhao Jianbin, deputy general manager, Secretary of the board of directors and Minister of securities, received a total pre tax remuneration of 121900 yuan from the company; Zhang Wenbin, financial director and chief accountant, received a total pre tax remuneration of 214500 yuan from the company.

According to digbei.com, the main business of Jinniu chemical is the production and sales of methanol.

 


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