SEG Announces 2019 Annual Results

HONG KONG, March 23, 2020 /PRNewswire/ --ASINOPEC Engineering (Group) Co., Ltd. ("SEG" or the "Company", together with its subsidiaries collectively known as the "Group") (stock code: 2386) today announces its annual results for the twelve months ended 31 December 2019 (the "Reporting Period").
SEG Announces 2019 Annual Results
In 2019,Aconfronted with heavy tasks and various challenges, the GroupAhas made efforts to fulfillAthe market development targets, ensureAthe progress of key projects, tighten cost control and expensesAreduction, deepen enterprise reform, and strengthen qualityAand safety management,and has achieved hard-wonAbusiness performance.ADuringAtheAReporting Period, the Group's revenueAwas RMB52.261 billion, representing an increase of 11.1%Aon a year-on-year basis; the net profit was RMB2.184 billion,Arepresenting an increase of 30.0% on a year-on-year basis; After due consideration of the Group's earnings, return to theAShareholders and the needs for future sustainable development,Athe Board recommended a Afinal dividend of RMB0.212 per ShareAfor the year 2019. After taking into account the interim dividendAof RMB0.108 per Share, the total dividend for the year will beARMB0.320 per Share, representing a substantial increase ofA42.9% on a year-on-year basis. Payout ratio reached 65%.The Group fiArmly grasped the golden opportunity of domestic refining investmentAand achieved significant results in market development. SEGAfocused on the potential projects of "seven major nationalApetrochemical industry bases" and the "world-class refiAning bases" of Sinopec Group, exerted our competitive advantages toAstrive to expand our market shares. In 2019, the Group entered into new contracts for a number of large projects in the PRC, such as Fujian Gulei RefiAning and PetrochemicalAIntegration Project, largest petrochemical industry corporation project cross a?? Strait, with a total contract value of approximately RMB12.513 billion. The Group has continuously improved its competitiveness, improved the deployment in overseas markets. In 2019, the Group achieved breakthroughs in the Omani and Uzbek markets for the fiArst time. It also signed new contracts of Saudi Aramco Marjan Oil and Gas Increase and Expansion Project, BASF USA Pipeline Prefabrication Project, Kuwait's Al-Zour New RefiAnery Maintenance Project and Saudi Aramco Overhaul and Renovation Project. During the Reporting Period, the total new contract value was RMB52.319 billion, representing an increase of 2.7% on a year-on-year basis.Continuous enhancement of project management capability and guarantee successful implementation of the projects.AIn 2019, Zhongke ReAfining and Chemical Integration Project achieved a comprehensive high standard of handover while Zhong'An Joint CoalifiAcation Integration Project successfully finished start-up. The 4,000-ton crawler crane made its debut in Saudi Arabia, and the down-stream processing project of Kazakhstan won the China Construction Engineering Luban Prize. In respect of more efficient, orderly and safe implementation, the Group fully leveraged its overall advantages by overall planning and optimising resources, worked hard to control the cost of subcontracting and procurement, and the safety, quality, progress and cost of the projects were under fully control. As at 31 December 2019, the Group's backlog was RMB94.994 billion, which was generally in line with that as at 31 December 2018, and 1.8 times of the total revenue of RMB52.261 billion in 2019.
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