The net profit of COFCO sugar in 2020 decreased by 8.7% year on year due to frequent changes in the top management

Beijing business daily (reporter Qian Yu Baiyang) on April 19, COFCO sugar released its 2020 annual report, which showed that it achieved an operating revenue of 21.129 billion yuan, a year-on-year increase of 14.68%; the net profit attributable to shareholders of listed companies was 529 million yuan, a year-on-year decrease of 8.7%; the net profit attributable to shareholders of listed companies was 544 million yuan, a year-on-year increase of 12.2%.

In this regard, COFCO sugar said in the announcement that this is mainly due to the company’s sugar business improving sales volume and profitability through deep cultivation through channels; tomato business increasing sales price while stabilizing sales volume, By locking the foreign exchange rate, the overall sales revenue and operating profit of the company increased year-on-year; meanwhile, the provision for impairment of goodwill, inventory and fixed assets increased, and the net profit decreased year-on-year.

It is worth mentioning that since the beginning of this year, many senior executives of COFCO sugar have changed. On March 13, COFCO sugar announced that due to job transfer, Youwei applied to resign as chairman, director and member of the nomination committee of COFCO sugar. After his resignation, Youwei will no longer hold any position in COFCO sugar. At that time, COFCO sugar said that Youwei was still the legal representative of COFCO sugar and would continue to perform his duties until the new chairman of COFCO sugar took over the legal representative and completed the industrial and commercial change.

On January 19 this year, Sun Jun, director of COFCO sugar, resigned as director of COFCO sugar due to job transfer. After his resignation, Sun Jun will no longer hold any position in COFCO sugar. On January 5, Li Dan applied to the board of directors of COFCO sugar for resignation due to the expiration of his term of office. He applied to resign as an independent director of COFCO sugar and a member of the Remuneration Committee of the board of directors. After his resignation, Li Dan will no longer hold any position in COFCO sugar.

According to Shen Meng, director of Xiangsong capital, the main reason for the decline in net profit of COFCO sugar is the decline in profit margin of sugar products. In addition to the impact of performance responsibility, the change of top management of COFCO sugar is more based on the personnel arrangement of the superior enterprise, and the operation and development of the enterprise itself is also greatly affected by the superior enterprise, so the change of top management can improve the development level of the enterprise to a certain extent.

At present, with the new changes in the competition pattern of the domestic sugar industry, it will change the situation dominated by sugar competition in the sugar industry for decades. The proportion of imported sugar in domestic consumption will be further increased, and the competition in imported resources, sugar resources and channel resources will be intensified. It is expected that the concentration of domestic sugar enterprises will be further improved, and some enterprises with low competitiveness will be eliminated and withdrawn, so as to control the sugar industry Sugar production capacity may be further reduced; in the field of sugar refining, enterprises without comprehensive advantages such as sugar source, location, quality and cost will withdraw from market competition. The consumption demand of sugar industry is expected to further differentiate, and the differentiated demand represented by high-end products such as flavor syrup is expected to further increase.

As for the future development plan, COFCO sugar said in the announcement that 2021 is the first year of the 14th five year plan, and also the key stage to achieve the first three-year high-quality development goal. COFCO sugar continues to adhere to the main theme of “high quality, internationalization and risk prevention”, summarizes the reform and development achievements in 2020 and the 13th five year plan, analyzes the current situation and tasks, stimulates new vitality, plans new development, opens up a new pattern, and ensures the completion of the business objectives in 2021. Overall, COFCO sugar’s revenue is expected to be 21.5 billion yuan in 2021, with a total profit of 850 million yuan.

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