Xingda International Holdings Limited reported audited consolidated earnings results for the year ended December 31, 2018.
For the year, the company's revenue was RMB 7,558,367,000 compared to RMB 6,886,914,000 a year ago. Profit and total comprehensive income, net of tax was RMB 371,855,000 compared to RMB 378,284,000 a year ago. Basic and diluted earnings per share was 17.8 fen compared to 19.4 fen a year ago.
The Board of Xingda International Holdings Limited has recommended the payment of a final dividend of 15.0 Hong Kong cents (approximately RMB 13.1 fen) per share for the financial year ended December 31, 2018 with the shareholders of the company being given an option to elect to receive such proposed final dividend all in new shares, or all in cash, or partly in new shares and partly in cash.
The proposed final dividend will be paid to the shareholders whose names appear on the register of members of the company on June 6, 2019. It is expected that the final dividend for the new shares or cash (as appropriate) will be dispatched to the shareholder on or around July 18, 2019.
The company said that it produced 666,600 tons of steel cord, yearly increasing 2%, and wire rod's production also increased 11.9% to 134100 tons.
In divided, sales of radial tire cord for trucks rose by 5.7% to 440100 tons, and sales of radial tire cord for passenger cars down by 4.4% to 226500 tons.
The company said that it is because of passenger tire demand decreasing in China in 2018.
Statistics showed that there were 625,000 tons/year of steel cord production in Xingda International's Jiangsu production base , and 103,000 tons of production in Shandong production base. And those two bases took 91% of production utilization in Xingda International.
Xingda International also said that the company has decided to build up a production base in Thailand to satisfy surging demand in Southeast market and Indian market.
According to the company's design, the first phase of steel cord for radial tire was 50,000 tons/year.
