Jiangsu Yida' Cumulative Revenue From January to September Exceeded 1.3 Billion Yuan

On October 24, Jiangsu Yida Chemical Co Ltd released its third quarter financial report. Data showed that the company's operating income in the third quarter was 485 million yuan, a year-on-year increase of 16.09%, and the net profit attributable to the parent company was 1.64 million yuan, a significant year-on-year decrease of 96.45%; From January to September 2023, Jiangsu Yida Chemical Co Ltd achieved a cumulative operating income of 1.364 billion yuan, a year-on-year increase of 15.78%, and a net profit loss attributable to the parent company of 49.14 million yuan, a year-on-year decrease of 140.09%.

In the third quarter of 2023, the market competition for propylene oxide products is still fierce and profitability is poor. Benefiting from the rising market prices of hydrogen peroxide products, Taixing Yida, a subsidiary of Jiangsu Yida Chemical Co Ltd, decisively adjusted its product production structure and focused on the production of hydrogen peroxide products. In the third quarter of 2023, the sales revenue of hydrogen peroxide products was 97.4 million yuan, and the sales gross profit was 29.16 million yuan.

From January to September, the sales revenue of propylene oxide products was 210 million yuan, accounting for 15.64% of the main business revenue, and the sales gross profit was -16.64 million yuan, accounting for -12.92% of the main business gross profit. From January to September, the sales volume of Yida's alcohol ether and alcohol ether ester products increased by 22.05% year-on-year, and its market share increased. However, due to market competition and downstream demand, the average sales price of alcohol ether and alcohol ether ester products decreased by 24.59% compared with the same period last year, resulting in a year-on-year decrease of 11.34% in gross sales profit margin.

Although the good performance of hydrogen peroxide products in the third quarter improved the company's overall operating performance, the company still failed to achieve overall profitability from January to September 2023 due to the multiple factors mentioned above. During the reporting period, the depreciation and amortization provisions increased by 76.4 million yuan year-on-year due to the impact of the completion of construction in progress of the Taixing Yida 150,000-ton-per-year propylene oxide project and the transfer of fixed assets. The project was successfully completed and accepted in September 2023 as a special investment project for the revitalization and technological transformation of key industries in China.

It is understood that Jiangsu Yida Chemical Co Ltd has achieved a single-quarter profit in the third quarter, which has greatly improved the company's annual profit performance. In the first half of the year, Yida Co., Ltd. suffered a loss of 50.8 million yuan. After making a single profit in the third quarter, the loss from January to September has narrowed. Yida said that it will conscientiously do a good job in various aspects such as production safety and environmental protection in the next stage of work. , seize the favorable opportunity of the China’s economic recovery, strive to do a good job in production and operation, improve the company's profitability and operating performance, and lay the foundation for the company's long-term stable development.