China’s Anhui Conch Cement has announced a 13 per cent increase in net profit to CNY33.59bn (US$4.73bn) for 2019, compared with CNY29.81bn in the previous year. EBITDA advanced 9.5 per cent to CNY49.33bn from CNY45.07bn.

Total sales surged 22.3 per cent to CNY157.03bn against CNY128.4bn in 2018. The company has attributed the positive results to higher sales of cement and other construction materials. It is also targeting CNY10bn of capital expenditure in 2020, which is expected to be used for capacity expansions and environmental projects.

Anhui Conch has stated that the coronavirus pandemic may temporarily affect demand from the construction sector, according to reports. Stricter environmental policies and higher coal prices could also affect its earnings during 2020.