HaiKe Chemical pays divi as revenues soar

19th May 2011 13:42

HaiKe Chemical, a China-based manufacturer of petrochemicals, speciality chemicals and biochemical, paid a maiden dividend after returning to profitability in 2010.The company posted a profit of $1.8m (£1.8m) for the year against an identical loss the previous year. Revenue climbed by 132% to $1.37bn. HaiKe is paying a full year dividend of $0.43 a share. Sales from petrochemical products climbed by 151% to $1.22bn. Chemical products sales rose by 44% to $151.6m."We will continue to grow our refinery business and focus on the development of new specialty, salt and bio-chemical products in order to take advantage of increasing demand, and further enhance profitability," said chairman Xiaohong Yang. "We expect the PRC (People's Republic of China) economic growth will be sustained and the refinery business to benefit from the NDRC's (National Development and Reform Commission) future plan to shorten the adjustment interval period for the price of refined products which will improve our margins."The company said it expects the crude price to be volatile in coming years.---RG