Stock Track | Anhui Conch Cement Shares Plunge as H1 Profit, Revenue Slump

Stock Track08-28

Shares of Anhui Conch Cement, one of China's largest cement producers, tumbled on Wednesday after the company reported a sharp decline in its first-half profit and revenue, reflecting the challenges faced by the construction industry amid the broader economic slowdown.

According to a filing with the Hong Kong Stock Exchange, Anhui Conch Cement's attributable profit for the first six months of 2024 plunged 48% to 3.49 billion yuan ($490 million) from 6.75 billion yuan in the same period last year. Earnings per share fell by a similar magnitude, dropping to 0.63 yuan from 1.22 yuan a year earlier.

The company's revenue for the January-June period declined by more than 30% to 45.57 billion yuan from 65.5 billion yuan in the first half of 2023, highlighting the impact of weakening demand and intense competition in the cement market.

The disappointing financial results weighed heavily on Anhui Conch Cement's share price, with the stock plunging nearly 5% in Hong Kong trading and sliding 2% in Shanghai on Wednesday morning. The sharp sell-off underscores investors' concerns over the company's growth prospects amid the challenging economic environment.

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