Zonqing Environmental (1855.HK) reports revenue decline in 2024

Zonqing Environmental Limited (HKEX: 1855) announced its annual results for the year ended December 31, 2024, reporting a revenue of RMB1,743.1 million, a 26% decrease compared to the RMB2,355.5 million in 2023. The decline was primarily attributed to the slowing of certain government construction projects. Gross profit decreased by 30.3% to RMB314.0 million, with the gross profit margin declining to 18.0%. Basic earnings per share were RMB0.05, down from RMB0.16. The company noted a 47.2% increase in other net income, largely driven by financial guarantees issued. Directors are not recommending a dividend for FY2024. The group is expanding in the new cultural and tourism segments.