August 28, 2024 – Kingfa Technology Recently Released Its 2024 Half-Year Financial Report
Kingfa Technology recently unveiled its 2024 half-year financial report, revealing impressive revenue growth and earnings. The company achieved a revenue of 23.347 billion yuan, representing a 14.73% increase compared to the same period last year. Additionally, it reported a net profit attributable to shareholders of 380 million yuan. The second quarter stood out, with a single-quarter net profit of 276 million yuan, marking a 62% year-on-year growth and a staggering 167% quarter-on-quarter growth.
According to the Color Masterbatch Industry Network, Kingfa Technology’s performance surge is attributed to the thriving development of emerging industries such as new energy, new infrastructure, 5G communications, artificial intelligence, and VR/AR. These sectors have presented the company with sustained growth opportunities. However, the firm also confronts challenges posed by the increasing complexity, severity, and uncertainty of the external environment, coupled with domestic structural adjustments and the declining profitability of the petrochemical industry, which exert pressure on its green petrochemical segment.
Across various business segments, Kingfa Technology’s modified plastics division excelled. Leveraging its competitive advantages in “holistic solutions” and “global services,” the company seized opportunities in equipment renewal, consumer goods replacement, such as automobiles and home appliances, and recycling. This strategy facilitated rapid sales growth in materials for automotive, home appliance, electronic and electrical engineering, and consumer electronics applications. Modified plastic sales hit a record high of 1.093 million tons, up 27.43% year-on-year, with a corresponding 19.18% increase in operating income.
In the green petrochemical segment, Ningbo Kingfa and Liaoning Kingfa achieved year-on-year revenue growth of 48.37% and steady growth, respectively, for their primary products. The new materials segment also made significant progress, with product sales increasing by 27.01% and operating income growing by 8.79% year-on-year. Notably, the company experienced rapid expansion in areas like fully biodegradable plastics, special engineering plastics, and high-performance carbon fiber and composite materials.
Although the healthcare segment’s sales revenue declined by 34.13% year-on-year, the company’s products entered 100 new overseas industrial protective equipment channel providers. Additionally, nitrile glove sales increased by 267% year-on-year, indicating potential for further market expansion in this segment.
Overall, Kingfa Technology demonstrated remarkable growth in the first half of 2024, with all business segments showing a positive development trend. Despite facing external challenges, the company is poised to maintain a steady growth momentum, thanks to its strong competitive advantages and market expansion capabilities.