Hongcheng Environmental Technology (02265) announced interim results. Profit attributable to shareholders of 204.46 million yuan increased 94.26% year over year

According to the Zhitong Finance App, Hongcheng Environmental Technology (02265) announced results for the six months ended June 30, 2024. The group achieved revenue of 105 million yuan (RMB, same below) during the period, an increase of 113.8% over the previous year; profit attributable to the company's owners was 204.46 million yuan, an increase of 94.26% over the previous year; and the basic profit per share was 0.02 yuan.

According to the announcement, the increase in revenue was mainly due to a new revenue source, that is, the Group began selling products produced by the new product line in the fourth quarter of 2023, including sulfuric acid, iron powder and electricity, which contributed additional revenue of about 46.3 million yuan for the six months ending June 30, 2024, and increased sales volume and unit price of sulfur concentrate, which was partly offset by a decrease in revenue from gold mine hazardous waste treatment services compared to the same period last year.