China Aluminum Tank witnesses a moderate rise of 11.9% Y-o-Y in total turnover for 2023

China Aluminum Tank announced that for the year ended December 31, 2023, the Group achieved a total turnover of approximately HK$236 million, marking a modest increase of around 11.9 per cent from the same period in 2022. Throughout this reporting period, the Group's net profit reached approximately HK$21.9 million, reflecting a growth of about 4.9 per cent from the corresponding period in 2022.

The net interest rate for this reporting period stood at about 9.3 per cent (compared to approximately 9.9 per cent in 2022). Earnings per share attributable to ordinary equity holders of the parent company amounted to 2.4 Hong Kong cents.

The rise in revenue primarily resulted from the easing of domestic COVID-19 control measures and enhancements in the overall business environment, which propelled the sales growth of aerosol tanks.

Meanwhile, the increase in net profit was predominantly influenced by the combined effects of the following factors: (i) Heightened sales of aerosol tanks driven by the relaxation of domestic COVID-19 control measures and improvements in the overall business climate. (ii) Decreased allocation proportion of raw materials and fixed expenses, leading to an augmented gross margin. (iii) Implement stringent cost control measures to reduce general overhead.