Gelonghui, March 18, 丨 Baolong Technology (01861.HK) announced that in its annual results for the year ended December 31, 2023, the Group recorded a turnover of approximately HK$557 million, a decrease of about 0.5% over the same period in 2022. The Group's net profit was approximately HK$56.7 million, a significant increase of about 35.3% over the same period in 2022. Ordinary equity holders in the parent company should have earned HK24.3 cents per share.

The sharp increase in net profit was mainly due to the combined effects of (i) the reduction in the cost of purchasing solvents (the main raw material for production) due to falling crude oil prices; (ii) improving sales strategies for high-margin products; and (iii) an increase in sales and distribution costs and administrative expenses.