On March 21, Gelonghui reported that Shengneng Group (02459.HK) announced that it expects to record a net loss attributable to equity holders not exceeding 44 million USD for the fiscal year 2024, whereas the net loss attributable to equity holders for the year ended December 31, 2023, was approximately 15.5 million USD.
Despite reporting the aforementioned losses, the group's sales saw a significant increase of over 6%, rising from 17,015 metric tons in the fiscal year 2023 to 18,141 metric tons in the fiscal year 2024. The sales growth reflects the group's determination to maintain market competitiveness even in the face of global economic uncertainties and intensifying competition. In addition, the company actively reduced inventory levels to strengthen its working capital position. Compared to the fiscal year 2023, the group's average unit sales cost decreased by 2.6%, primarily due to cost control measures implemented by the company.
