① 's net profit in the third quarter of this year increased by 1367% compared with the same period last year. In the third quarter of last year, the net profit was only 84 million yuan. From January to September, the company's inventory decreased from 60.69 billion yuan to 49.92 billion yuan. Research and development expenses, financial expenses and other growth ③ and Saudi Aramco shareholders' equity delivery landed, there is more room for cooperation between the two sides.
Financial Associated Press, October 25 (Reporter Chen Kang)002493.SZ, the leading refinery company, rebounded sharply from an ultra-low Q3 base last year, with net profit up 1367 per cent in the third quarter compared with the same period a year earlier.
This evening, the company achieved operating income of 239.047 billion yuan in the first three quarters of the announcement, an increase of 6.19 percent over the same period last year, and its net profit was 108 million yuan, down 98.03 percent from the same period last year. Of this total, the net profit of Q3 company was 1.234 billion yuan, an increase of 1367% over the same period last year. Last year, the net profit of Q3 company was only 84 million yuan. With the pick-up in demand this year, the product price gap has an upward trend.
Looking back at Rongsheng Petrochemical's quarterly net profit since 2022, we can see an obvious V-word trend. The company's net profit began to decline year-on-year in the second quarter of 2022 and bottomed out in the fourth quarter, with a large quarterly loss of 2.11 billion yuan. this trend continued into the first quarter of this year, with the loss amount and the year-on-year decline alleviating somewhat. Although it still fell in the second quarter compared with the same period last year, it has reversed its losses.
From January to September this year, the company's inventory size dropped to 49.92 billion yuan from 60.69 billion yuan at the beginning of the year, which is one of the signs that the company is gradually coming out of the trough after two years of continuous increase in inventory scale from 2021 to 2022. Another sign is the increase in demand and the increase in cash payments for raw materials purchased by the company, resulting in a 106.89% decrease in net cash flow from operating activities compared with the same period last year.
Looking at the Q3 results last year and this year alone, the gross profit margin increased by 6.91 percentage points over the same period last year. The higher part of the total business cost is research and development expenses, business tax and additional, management expenses and financial expenses. The big difference is that R & D expenses increased by 1.545 billion yuan, business tax and additional increased by 2.542 billion yuan, and financial expenses increased by 377 million yuan.
The financial report shows that the above three expenses also showed a large year-on-year increase in the reporting period this year, with R & D expenses increasing by 84.67%, mainly due to increased investment in research and development by subsidiary Zhejiang Sinopec; taxes and additional increases by 39.71%; mainly due to the increase in consumption tax by subsidiary Zhejiang Petrochemical Corporation; and the increase in financial expenses by 51.23%, mainly due to the increase in interest expenditure in the current period.
In the past five years, the asset-liability ratio of Rongsheng Petrochemical has been more than 70%. During the reporting period, the company has total assets of 369.2 billion yuan, total liabilities of 274.1 billion yuan, and asset-liability ratio of 74.2%.
From the perspective of projects under construction, the expansion of Rongsheng Petrochemical continues, and the expenditure on projects under construction during the reporting period increased by 39.84% compared with the same period last year, mainly due to the increase in investment in projects under construction in the current period of Zhejiang Petrochemical, a subsidiary. The company is accelerating the layout of new energy and new materials industry, including Zhejiang Sinopec high-end new materials project (total investment 64.1 billion yuan), Zhejiang petrochemical 1.4 million tons / year ethylene and downstream chemical plant (second phase engineering product structure optimization) project (total investment 34.5 billion yuan), high performance resin project (total investment 19.2 billion yuan).
In March this year, Rongsheng Holdings, the company's controlling shareholder, signed a share transfer agreement with AOC, a wholly-owned subsidiary of Saudi Aramco, to transfer its 1.013 billion shares of the company to AOC at a price of 24.605 billion yuan. the share transfer and transfer payment between the two sides were completed in July this year, and the company also received sufficient monetary funds. From the beginning of this year to the end of September, the company's monetary funds increased by 13.843 billion yuan.
In October, the person in charge of Rongsheng Petrochemical mentioned that the cooperation with Saudi Aramco would include a stable supply of crude oil, naphtha and fuel oil to the company, a free purchase credit of no less than US $800 million, and flexible warehousing cooperation. adjust crude oil inventory management strategy; provide overseas sales channels for the company to expand overseas markets in terms of sales network In the technical aspect, actively explore the development of market demand of new technology, new technology.