China BlueChemical expects lower profit amid urea challenges

China BlueChemical Ltd. (HKEX: 3983) anticipates a net profit attributable to owners of between RMB1.05 billion and RMB1.09 billion for the year ending December 31, 2024, according to a profit alert announcement. This contrasts with the RMB2.382 billion reported for the previous year, which included a one-off gain of RMB852 million from the disposal of a 67% equity stake in PetroChina (Inner Mongolia) New Material Co., Ltd. The expected decrease is primarily attributed to reduced urea production due to concurrent maintenance at three urea plants and a substantial decline in the market price of urea. The company advises shareholders and potential investors to exercise caution when trading its shares. Full details will be disclosed in the 2024 annual report.