Sinochem Int'l net profit up 12.18% in 2008

Apr. 14, 2009 (China Knowledge) - Sinochem International Corp<600500>, the largest chemical products supplier in China, said in its annual report that its net profit reached RMB 706 million in 2008, up 12.18% from the previous year.

The company's revenue surged 41.18% to RMB 27.4 billion last year. Earnings per share (EPS) were RMB 0.49. The company proposed a dividend of RMB 2 for every 10 shares (including tax).

Last year, the company's logistics business for chemical products, rubber business and agrochemical business increased 26.16%, 24.29% and 10.13% year-on-year, respectively.

Gross profit from metallurgical energy business surged 191.79% in 2008 from a year earlier.

However, the company's chemical distribution business shrank 1.37% last year from the previous year.

In addition, the company's poly urethane resin (PUR) project in Taicang, Suzhou City of Jiangsu Province is expected to start production this month.