Chifeng gold’s net profit in 2020 will be 784 million yuan, an increase of 317%. Sales expenses will be reduced by 1.2 million yuan



On March 19, Chifeng gold (600988) recently released its 2020 annual report. During the reporting period, the company achieved an operating income of 4558188911.41 yuan, a year-on-year decrease of 24.89%; the net profit attributable to shareholders of listed companies was 784024812.51 yuan, a year-on-year increase of 317.01%.


赤峰黄金2020年净利7.84亿增长317%销售费用减少 董事长王建华薪酬120万

During the reporting period, the net cash flow from operating activities was 1072375487.39 yuan, and the net assets attributable to shareholders of listed companies were 4087808097.90 yuan by the end of 2020.

The operating revenue was 4558188911.41 yuan, a year-on-year decrease of 24.89%. The main reasons were as follows: ① the 100% equity of Xiongfeng environmental protection, a wholly-owned subsidiary, was sold in the current period, and its financial data was consolidated to July 2020; ② the holding subsidiary lxml turned to mainly produce gold in the current period, and the production and sales volume of electrolytic copper decreased; ③ the company’s cost reduction and efficiency measures achieved results, and the operating cost decreased. (2) The decrease of sales expenses in the current period compared with the same period of last year was mainly due to the decrease in the output of lxml electrolytic copper and the corresponding decrease in sales expenses;

During the period, the financial expenses were -85718240.94 yuan, compared with 226838375.69 yuan in the same period of last year, with a year-on-year decrease of 137.79%, mainly due to the decrease of interest expenses caused by the decrease of interest bearing liabilities in the current period and the floating exchange income generated by the appreciation of RMB against us dollar; the investment income during the period was 91941057.97 yuan, compared with -10303412.02 yuan in the same period of last year, with a year-on-year increase.

According to the announcement, the total remuneration of directors, supervisors and senior managers during the reporting period was 18.5411 million yuan. Wang Jianhua, the director and chairman of the board, received a total pre tax remuneration of 1.2 million yuan from the company, Gao Bo, the director, general manager and CEO, 2.455 million yuan from the company, Zhao Qiang, the director, chief financial officer and CEO, 1.958 million yuan from the company, and Zhou xinbing, the Secretary of the board, received a total pre tax remuneration of 1.884 million yuan from the company.

According to the announcement, the profit distribution plan or the plan of converting accumulation fund into share capital in the report period reviewed by the board of directors: because the company is in the development stage, domestic Wulong mining, Jilong mining and Hanfeng mining are implementing the project of “building large-scale mine and increasing scale”, while foreign Vientiane mining is implementing the development strategy of “one body, two wings”, and the exploration, storage and capacity expansion and transformation need a lot of capital investment At the same time, the company is in the process of M & A of Ghana’s bibiani gold mine, with a large demand for cash. This year, the company plans not to carry out cash dividends, nor to convert capital reserves into equity.

According to digbei.com, the main business of Chifeng gold is gold, nonferrous metal mining and processing and comprehensive resource recycling.

 


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