China Resources Cement's profit drops 67% despite turnover of $3bn

China Resources Building Materials Technology Holdings Limited (HKEX: 1313) reported a significant decrease in profit attributable to owners of the company for 2024, dropping 67.2% to RMB210.9 million, compared to RMB643.8 million in 2023, despite a turnover of RMB23.04 billion ($3.19 billion), which represented a 9.8% decrease from RMB25.55 billion in the previous year. Basic earnings per share decreased from RMB0.092 to RMB0.030. The company has proposed a final dividend of HK$0.01 per share, up from HK$0.006. While total assets saw a slight decrease of 1.1%, net current liabilities increased significantly. The company noted challenges that include the slow down in overall economic growth. The annual report encompassing the financial statements for the year ending December 31st, 2024, has been reviewed by the Audit Committee.