On August 22, 2012, CIMC Enrico Holdings Limited (“CIMC Enrico” or the “Group”) announced its unaudited interim results for the six months ended June 30, 2024 (the “Review Period”).
In the first half of 2024, the Group’s revenue increased by 6.7% to RMB11.48 billion ( about US$1.61 billion), net profit attributable to equity holders amounted to RMB490 million, and basic earnings per share amounted to RMB0.241. During the period under review, the Group’s cumulative new orders amounted to RMB16.40 billion ( about US$2.3 billion), representing a year-on-year increase of 29.5%, and the orders on hand as of June 30, 2024 amounted to RMB29.35 billion (about US$4.1 billion), representing a year-on-year improvement of 42.5%, which is a record high.
Mr. Gao Xiang, Chairman of CIMC Enrico, said, “Against the backdrop of the global energy transition, LNG is enjoying strong and rapid growth in both supply and demand, and has gained the favor of most governments and energy giants. In the first half of 2024, the Group’s clean energy revenue and order growth rate was bright, and it continued to improve its overseas business layout and hydrogen energy upstream business capability. New orders signed in the chemical environment improved significantly from the previous year, and the world’s top market share of tank containers for 20 consecutive years.
For clean energy, revenue for the period under review increased by 25.1% year-on-year to RMB7.88 billion (approximately US$1.10 billion), of which revenue from the hydrogen energy business increased significantly by 65.2% year-on-year to RMB450 million (US$63 million). Revenue from clean energy accounted for 68.6% of the Group’s overall revenue. New orders for clean energy rose sharply by 63.3% to RMB12.92 billion ( about US$1.81 billion); orders on hand amounted to RMB22.93 billion (US$3.21 billion), representing a sharp increase of 70.7% year-on-year and a new record high.
In the first half of 2024, the natural gas market rebounded further, with both supply and demand booming. Thanks to the growth in both apparent consumption and imports of natural gas, and the economics of LNG prices compared to diesel, the Group’s sales of terminal application equipment, such as clean energy storage and transportation equipment, as well as LNG vehicle bottles, rose sharply.
Revenue from the marine clean energy business surged 48.9% year-on-year to RMB1.77 billion (US$250 million), orders on hand surged 136.9% to RMB15.06 billion (US$2.11 billion), and newbuilding orders soared 128.0% year-on-year to RMB6.86 billion (US$960 million).
During the period under review, the market for small and medium-sized liquefied gas carriers maintained a high level of prosperity, benefiting from the shipping replacement cycle and the green upgrading of global shipping.CIMC Enrico secured 12 newbuilding orders for its main ships, including 4 40,000m3 MGC carriers and 8 LNG carriers and LNG carriers for LNG bunkering vessels.
In addition, CIMC Enrico successfully delivered three vessels during the period, including the first 12,000m3 LNG carrier bunkering vessel in China to CNOOC. The Group is also actively laying out methanol fuels and is steadily pushing forward its first 5+200,000 tons annual capacity biomass-to-green methanol demonstration project located in Guangdong.
In respect of hydrogen energy business, the Group further strengthened the layout of the whole industrial chain of “production, storage, transportation and utilization” and its integrated service capability.In the upstream hydrogen energy field, CIMC Enrico has successfully acquired the core assets of Beijing Zongliansheng to enhance its engineering design and technical capability in the comprehensive utilization of coke oven gas (hydrogen, LNG, methanol, ammonia and other process routes). In addition, CIMC Enrico’s construction of Angang Steel hydrogen and LNG co-production project from coke oven gas has been officially put into operation and a number of other projects under construction and in the pipeline are being actively pursued.
For chemical environment, business revenue for the period amounted to RMB1.30 billion (US$182 million), accounting for 11.3% of the Company’s overall revenue.The global economy, including the chemical industry, showed a weak recovery, resulting in a slowdown in the market demand for tank containers compared to the previous high growth rate. In the long run, factors such as the gradual promotion of multimodal transport policies, tightening of chemical safety requirements, and cross-regional investment in the chemical industry are conducive to promoting the tank container industry market to maintain a long-term upward trend.The sector’s global market share of tank containers remained No. 1 for several consecutive years, maintaining its development resilience; the medical equipment components business developed steadily; and the after-market business continued to advance.
