CHINA BLUECHEM (03983) issues profit warning, expecting annual net profit attributable to shareholders to decrease by approximately 10.5-10.9 billion yuan compared to the previous year.

China Bluechem (03983) announces that the board of directors expects the group's net profit attributable to owners of the company under International Financial Reporting Standards for the year ending December 31, 2024 to be approximately RMB 10.50 billion to RMB 10.90 billion, compared to approximately RMB 23.82 billion for the year ending December 31, 2023. For the year ending December 31, 2023, the net profit attributable to owners of the company included an income of RMB 8.52 billion from the sale of 67% equity interest in China Petroleum (Inner Mongolia) New Material Co., Ltd. (formerly known as ZH Petrochemical Tianye Chemical Co., Ltd.). Excluding the impact of the sale, the expected net profit attributable to owners of the company for the year ending December 31, 2024 is still expected to decrease year-on-year, mainly due to lower urea production and sales volumes caused by the concentrated maintenance of three urea units this year and a significant decrease in prices of the company's main products such as urea.