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2021.04.06
Qixiang Tengda Q1 profit more than doubles to hit another performance target

On April 6 , Qixiang Tengda (002408) published its finance forecast for 2021 fiscal year and finance review for 2020 fiscal year. The company recorded RMB 1.033 billion of net income for 2020, with a year-on-year growth of 66.49%. Profit in the first quarter of 2021 is expected to land between RMB 594 million and 682 million, up by 200% to 245% on the same quarter last year, which is the equivalent of the net income at RMB 620 million for 2019.


The surge in profits was driven by the expansion of Qixiang Tengda’s industrial chain. As shown by the announcement, the 200 KTA NBR latex facility and the phase I of the 100 KTA MMA facility, which went into operation not long ago, has churned out products in the expected amount, leading to mixed increases in sales and profits. Meanwhile, as some products saw a price jump in the first quarter, Qixiang Tengda cranked up its sales and managed to maximize its profits.


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