Jiutian Chemical to report 'significant increase' in profit for FY2021

JIUTIAN Chemical Group is expecting to report a "significant increase" in consolidated net profit after tax for the full year ended Dec 31, 2021, due to higher average selling price and sales volume of their main products.

In a bourse filing on Monday (Feb 7), the Catalist-listed chemical company noted strong demand for its main products of dimethylformamide and methylamine since the start of FY2021.

This comes as China's post Covid-19 economic recovery gathered momentum during the current financial year, it added.

For the previous financial year ended Dec 31, 2020, Jiutian Chemical reported record-high earnings of 173.7 million yuan (S$36.9 million) but said it was not in a position to recommend a dividend as it was not profitable at firm level.

Its financial results for FY2021 will be announced by Feb 28, 2022.

Shares of Jiutian Chemical closed flat at S$0.087 on Friday.