CIMC Enric Announces First Quarter 2022 Operating Figures Steady growth in revenue and orders

CIMC Enric Holdings Limited together with its subsidiaries announced its operating results for the first quarter ended March 31, 2022, with revenue up 24.9% year-over-year (YoY) to RMB4.16 billion, newly-signed orders up 23.2% YoY to RMB4.80 billion, and orders on hand up 33.9% YoY to RMB15.50 billion.

COVID-19 outbreaks in many parts of China has disrupted some production and logistics & transportation activities. Revenue from the clean energy segment was basically flat YoY, while sales of equipment and projects such as spherical tanks, large cryogenic storage tanks, industrial gas cryogenic storage tanks, high-pressure tube trailers and small cryogenic storage tanks performed well. As Mainland China gradually brings pandemic under control, the Company's production facilities and construction works at customer sites should be replenished within a short time frame. During the period, the Company secured orders for two 7,600 m³ LNG bunkering vessels and one optional vessel, further consolidating its leadership position in the global small and medium-sized gas bunkering vessel market. Its hydrogen business developed steadily and recorded revenue of RMB35.89 million in the first quarter, representing a significant increase of 80.5% YoY. At the same time, the Company successfully tendered for the "Pengwan Hydrogen Port Hydrogen Refueling Mother Station Project" of Shanxi Pengfei Group Co., Ltd., laying a solid foundation for future expansion within the Shanxi market. Newly signed orders from the clean energy segment increased by 5.9% YoY and orders on hand increased by 25.0% YoY.

Revenue from the chemical and environmental segment dramatically increased by 104.4% YoY to RMB1.16 billion in the first quarter, mainly benefiting from the rebound in global trade and booming sales in the chemical industry which led to increased sales of chemical tank containers. Furthermore, revenue for this segment came mainly from overseas markets and so it was relatively less affected by the domestic COVID-19 outbreak during the first quarter. Newly signed orders from the chemical and environmental segment increased by 35.2% YoY and orders on hand by 63.2% YoY.

 

During the period, revenue from the liquid food segment surged by 13.4% YoY to RMB755 million, thanks to many more new orders being signed and overseas projects in hand proceeding smoothly. Meanwhile, thanks to the global diversification of the Company's business, newly signed orders from the liquid food segment in the first quarter jumped 72.3% YoY and orders in hand increased by 37.5% YoY.

 

Mr. Yang Xiaohu, Executive Director and General Manager of CIMC Enric, said, “In the first quarter, unfavorable conditions such as COVID-19 outbreaks and logistical disruptions across the country created difficulties for various industries. The Company responded by taking proactive measures to protect production and maintain steady revenue growth. Currently, natural gas still plays an important role in optimizing and adjusting energy structures, while developing hydrogen energy is also in full progress. We will continue seizing opportunities created by LNG receiving terminals, storage and transportation equipment for peak-shaving, as well as oil-to-gas ship conversions and hydrogen industry chain development. Providing high-quality natural gas and hydrogen related equipment to facilitate the country meet its dual carbon goals.”

Source: CIMC ENRIC

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