Shenma: 50KTA ADN plant to be completed by end-2023

Shenma (600810) has told investors on the investor relations platform on February 22, that the company's 50,000 tons/year adiponitrile (ADN) project is under construction. After the project is completed, the companies' adiponitrile/hexanediamine will be partly self-sufficient. 

Shenma has also disclosed to the investors that at present, some of the company's raw materials for nylon 66 production have been imported, and the other part has been purchased from Invista Shanghai.

On February 15, Shenma said on the investor interactive platform that the civil engineering of the public works for the 50,000 tons/year adiponitrile plant have been basically completed; 47 hydrocyanic acid plants have been on site and 28 have been installed; the first-floor steel structure of the adipic nitrile plant is being installed. The plant is expected to put into production by the end of 2023.

The Q3 2022 report of Shenma showed that the company's main income was 10.659 billion yuan, up 7.48% from the same period of the previous year. The net profit was 514 million yuan, down 68.21% year-on-year, and the non-net profit was 501 million yuan, down 68.55% yoy. 

In the third quarter of 2022, the company's main income in a single quarter was 3.059 billion yuan, down 15.68% from the same period of the previous year. The net profit in a single quarter was-11.9723 million yuan, down 101.86% year-on-year, and the non-net profitwas -14.7283 million yuan, down 102.32% yoy. The debt ratio was 65.96%, investment income 1.5837 million yuan, financial expenses 257 million yuan, and gross profit 18.13%.