China: Tangshang Jidong Cement’s operating income fell by 5% year-on-year to US$5.03bn in 2022 from US$5.27bn in 2021. Its net profit dropped by 52% to US198m from US$409m. Its sales volumes of cement decreased by 13% to 87Mt. It reported a cement production utilisation rate of around 49% from its total capacity of 176Mt/yr. The company blamed market overcapacity, a falling real estate market and mounting coal prices for tough trading conditions in the cement sector.
Tangshang Jidong Cement’s income and profit falls in 2022
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