Gelonghui, March 26, 丨 China Glass (03300.HK) announced that for the year ended December 31, 2023, the Group's revenue was RMB 5.308 billion, an increase of about 23% over the previous year. The Group lost approximately RMB 487 million, a significant decrease from the 2022 annual profit of approximately RMB 102 million. Loss of RMB 24.3292 per share.
Losses were mainly affected by the following combination of factors: (1) China's real estate industry continued to recession, causing float glass market prices to fluctuate at a low level; (2) high price fluctuations in the market prices of major raw materials and fuel materials; (3) ongoing geopolitical conflicts, global inflation, and large fluctuations in currency exchange rates in some countries and regions, leading to a decline in the contribution of the Group's overseas bases; (4) the Federal Reserve continued to raise interest rates, which led to an increase in the cost of the Group's dollar debt; and (5) after a comprehensive assessment of production line status, preparations were made for the corresponding impairment of some production lines. The increase in revenue was mainly due to a combination of factors such as an 11% decrease in the average annual sales price compared to last year and a 41% increase in sales volume compared to last year.
The unit sales price of the Group's glass products has declined, mainly due to the 41% drop in the Group's overseas sales unit price in RMB, lowering the Group's average sales unit price for colorless glass, tinted glass and coated glass. This decline was mainly affected by the continued depreciation of the Nigerian naira in the short term, and the unit sales price of the Group's Nigeria base measured in Nigerian naira rose 18% compared to last year.
China's flat glass industry is fiercely competitive, and the float glass market is operating at low prices. The Group actively explores domestic and foreign sales markets and continues to increase the share of production and sales of functional and high-value-added glass products used in the automotive, home improvement, home appliances and electronics fields, resulting in a sharp increase of 41% in sales revenue of colorless glass and a slight increase in sales revenue of tinted glass.