Jiutian Chemical Group to report ‘significant increase’ in H1 net profit

JIUTIAN Chemical Group is expecting to report a "significant increase" in consolidated net profit for the half year ended Jun 30, due to a rise in the average selling price of its main products.

In a regulatory filing on Monday (Aug 1), the Catalist-listed chemical company said it has continued to experience “strong” demand for its main products of dimethylformamide and methylamine, as China’s post-Covid-19 economic recovery gathers momentum.

For the corresponding year-ago period ended Jun 30, 2021, Jiutian Chemical Group posted a record half-yearly net profit of 160.3 million yuan (S$33.6 million).

Its financial results for H1 2022 will be announced on or before Aug 14, 2022.

Shares of Jiutian Chemical Group closed S$0.093 on Monday, up S$0.001 or 1.1 per cent, before the announcement.