China-based Huaxin Cement posted revenues of CNY33.8bn (US$4.671bn) in 2023, up 11 per cent when compared with the previous year.

Net income edged up by 2.3 per cent YoY to CNY2.76bn in 2023, but the company’s profit margin slipped to 8.2 per cent from 8.9 per cent as the company saw an increase in expenses.

Earnings per share (EPS) increased to CNY1.33 in 2023 from CNY1.30 in 2022.

While the company’s revenue was in line with analyst predictions, EPS missed analyst estimates by one per cent. Going forward, revenue is expected to grow by 8.5 per cent annually in the next three years, slightly below the 9.4 per cent growth forecast for the basic materials industry in China.