SIIC Environment Reports Revenue Decline in 1HFY2024

SIIC Environment Holdings (SG:BHK) has released an update.

SIIC Environment Holdings Ltd., a leading Chinese water treatment and environmental protection company, reported a 17.3% year-on-year decrease in revenue for the first half of 2024, down to RMB3.324 billion, with net profit attributable to shareholders falling by 14.8% to RMB321 million. Despite the overall decline, the company saw a 5.9% increase in its operation revenue to RMB 2.755 billion, driven by a higher volume and average price in water treatment and supply, leading to a gross profit margin increase from 35.8% to 38.4% year-on-year. The financial results were largely impacted by the completion of a major project in 2023 and delays in starting new projects until the latter half of 2024.

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