CIMC Enric Holdings Limited (CIMC Enric) has announced its annual results for the year ended 31st December (2011) and has seen turnover leap by 68% for FY2011.

According to a statement of 19th March, the company declared turnover of RMB 6.716m for FY2011, while profit attributable to Equity Shareholders surged 104.8% to RMB 567.1m.

CIMC Enric described 2011 as a year of ‘fruitfulness and growth’ and cited its efforts in capacity enhancements and technology improvements as factors behind the strong growth.

The company’s energy equipment segment remained the top-grossing sector of the group, with revenue rising by 36.6% over 2010 and accounting for 48.7% of the group’s total turnover.

The chemical equipment segment recorded a 139.9% increase in turnover compared to 2010 and made up 42.8% of the group’s total turnover (2010: 30.0%).

Mr. Zhao Qingsheng, Chairman of CIMC Enric, said of the results, “2011 continued to be a year of fruitfulness and growth. Over the past few years, we experienced sustainable growth in terms of both turnover and net profit attributable to equity shareholders.”

“2011 continued to be a year of fruitfulness and growth. Over the past few years, we experienced sustainable growth in terms of both turnover and net profit attributable to equity shareholders”

Zhao Qingsheng, Chairman of CIMC Enric

“Our efforts in enhancing our production capacity by capital investment and technologies improvements and grasping [the] market pulse in the steady recovery of the global economy have translated into real economic terms.”

“Our businesses recorded a remarkable growth in 2011, the energy equipment and chemical equipment segments especially,” Qingsheng added confidently.

Demand

Due to the continuous growth in global demand for equipment for the storage and transportation of natural gas and specialty gases, particularly in China, the energy equipment segment experienced robust growth in 2011.

With a recovering global economy, the demand for tank containers for transportation of chemicals rose sharply during the year and drove the chemical equipment segment’s remarkable surge in turnover, a company statement explained.

Although, the business environment of liquid food equipment remained challenging, the segment posted an upswing in turnover due to an increase in order intakes

Outlook

Looking forward to the year ahead, CIMC Enric sees the economic landscape of 2012 as continuing to face uncertainties.

“On the back of the dedication of our staff, our future development strategies, our leading market position and solid fundamentals, we are well prepared to cope with the future challenges ahead, grasp business opportunities and bring long-term returns to our shareholders”

Zhao Qingsheng

Further still, the group remains ‘prudently optimistic’ about the outlook of the sectors it is engaged in and strives to be a world-leading manufacturer of specialised equipment and provider of related project engineering services to these sectors.

The group will continue to expand its core business and strengthen its core competitiveness to further consolidate its leading market position in equipment manufacturing. In addition, CIMC Enric has been proactively seeking new revenue sources to attain long-term and healthy growth and has revealed that the group’s business portfolio is already set to be enhanced through the materialisation of two acquisition arrangements entered into in the second half of 2011.

These agreements will enhance the group’s ability to offer project engineering services and one-stop solutions, as well as its production capacity of LNG trailers and other cryogenic transportation and storage products.

Like other companies operating in the rapidly growth China market, CIMC Enric has invested in building new plants to enlarge its production capacity scale and ride the wave of gas consumption growth in the country. New plants that will ‘satisfy the accelerating demand’ for natural gas storage and transportation equipment are expected to gradually be completed and put into operation in 2012.

The expansion of its export business, especially into emerging economies, is also cited as part of the group’s long-term development strategy and Qingsheng concluded, “On the back of the dedication of our staff, our future development strategies, our leading market position and solid fundamentals, we are well prepared to cope with the future challenges ahead, grasp business opportunities and bring long-term returns to our shareholders.”