Shenzhen Stock Exchange-listed China gas company Kaimeite has announced its 2013 full year results, with an impressive growth of 80.49% in its gross revenue.
Gross operating revenue in 2013 of RMB 232.4m (US$38.8m) rose compared with RMB 128.7m ($21.4m) in 2012.
Operating profit grew by 64.3% from RMB 33.2m ($5.5m) in 2012 to RMB 54.6m ($9.1m) in 2013. Net profit also showed a satisfactory growth of 44.2%, from RMB 40.7m ($6.7m) in 2012 to RMB 58.8m ($9.8m) in 2013.
The company has most of its business engaged in carbon dioxide and is now also involved in the recovery and purification of hydrogen and fuel gases. It is indeed the sales of hydrogen and methane gas by its Changling branch company in Yueyang, Hunan province that contributes to the increase in revenue, as explained by the company in its annual report.
The company also gave a review of its business in 2013 and stated, “Looking back at 2013, China was under stress to transform and upgrade, and the development of the domestic economy has shown a slowdown. At the same time, the environmental industry also developed very quickly in 2013, and as the state put more emphasis on the treatment of environment, the environmental industry has become a pillar for the development of green economy. In 2013, the economic situation was difficult yet with development opportunities.”
The company has also recently signed a tri-party agreement titled ‘Clean City Development Strategy Cooperative Agreement’ with the Government of Qianan City in Hebei province in Northern China and the Tangshan Scientific Development Research Institute of the China Academy of Science. Under the agreement, Kaimeite is to construct and operate plants in Qianan City to recover and treat the emissions from steel plants and chemical plants. Kaimeite will also be responsible for the sales of the products from the recovery plants.
It is also stated in the agreement that, with the support from the Qianan City government, construction of some of the projects can start in 2014 and will cover major industries in three years’ time. The role of the Tangshan Scientific Development Research Institute is to promote advanced technology and experience, both local and abroad, to the Qianan City Government.