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Sinoma reports solid growth

By Wang Xu (China Daily)
Updated: 2008-04-24 09:33

China National Materials Co (Sinoma), the world's largest producer of cement-making equipment, reported its net profit surged 67.7 percent to 473 million yuan ($67.72 million) last year as the national economy boomed.

The Hong Kong-listed firm said its revenue grew 51 percent to 19.47 billion yuan for the year ended December 31, 2007. Its earnings per share stands at 0.2 yuan, compared with 0.13 yuan a year ago.

The company expects 2008 to be another year of rapid growth as it tries to leverage China's booming demand, it said in a statement yesterday.

"We are confident in our ability to cope with such challenges as a slowdown of global economic growth, continuous increases in fuel and raw material prices, and the further appreciation of the yuan," Sinoma Chairman Tan Zhongming said.

Chinese cement producers are ratcheting up capacity to catch up with the demand of the world's largest construction materials market. The government closed down 80 million tons of cement-making capacity and set up 88 new production lines last year to improve efficiency and reduce pollution, KGI Securities Co said.

Sinoma expects to maintain its robust growth through expanding capacity and further domestic and overseas expansion.

In 2008, it will put into operation two new glass fiber production lines, each of which would add 60,000 tons to the firm's annual production capacity.

The company also said it would step up efforts to expand into the overseas market. Last year, it inked a $42 million deal to build a cement production line in Florida, becoming the first Chinese cement engineering firm to tap the US market.

Sinoma now controls about 90 percent of China's market for cement-producing equipment and related engineering services, as well as 22 percent of the global market.

The company held an initial public offering in Hong Kong last December. On April 9, it also received government approval to issue bonds worth 500 million yuan without a bank guarantee.