COFCO Zhangzhou's 500,000t per year white sugar project; COFCO Sugar's H1 results 09-27-2022

Summary: The EI report of COFCO Zhangzhou's 500,000 t/a white sugar project was accepted and publicised. Besides, the parent company of COFCO Zhangzhou, COFCO Sugar, reported that its net profit in H1 2022 was up nearly 40% YoY. 

On 29 Aug., the environmental impact (EI) report of COFCO Sugar (Zhangzhou) Co., Ltd. (COFCO Zhangzhou)'s 500,000 t/a white sugar project was accepted and publicised.


Project overview:

  • Construction nature: New construction
  • Location: Zhangzhou Investment Promotion Bureau Economic and Technological Development Zone, Zhangzhou City, Fujian Province
  • Site area & floor area: 146,777.916 m2 & 97,485.40 m2
  • Total investment: 174.42 million (RMB1.20 billion), of which USD8.96 million (RMB61.63 million) for environmental protection
  • Construction content: A production line for sugar (finished product) equipped with the circulating fluidised bed boiler with 65 t/h capacity and other equipment, the sugar production workshop, the warehouse for packaging materials, the warehouse for raw sugar, the boiler room, sewage treatment station and other utilities and supporting facilities will be built.
  • Production capacity: This project plans to produce 350,000 t/a of refined sugar (60,000 t/a of refined white granulated sugar and 290,000 t/a of first-grade white granulated sugar) and 150,000 t/a liquid sugar (dry basis) annually, meaning that it can produce 1,500 t/d of sugar (finished product) daily. Besides, this project will also produce 70,000 t/a of by-products.
  • Consumption of major raw materials: 509,490 t/a of raw sugar, which is the sugar from government reserves and old sugar both purchased from the domestic market.
  • Labour quota: 120 employees
  • Working system: Three eight-hour shifts or two twelve-hour shifts (24-hour workday), totalling about 333 working days annually
  • Construction period: 26 months

    COFCO Zhangzhou, a wholly-owned subsidiary of COFCO Sugar Holding Co., Ltd. (COFCO Sugar), was set up in May 2022 with a registered capital of USD43.59 million (RMB300 million).

COFCO Sugar's net profit rose by nearly 40% from the same period a year earlier, according to its financial results for H1 2022 published on 30 Aug.


COFCO Sugar's sugar business:

  • Sugar production segment:
  • In terms of the domestic sugar production segment, the company has built sugar mills for the extraction of cane sugar and beet sugar in Guangxi Zhuang Autonomous Region, Yunnan Province, Xinjiang Uygur Autonomous Region and other major raw material-producing regions, totalling a sugar production capacity of 700,000 t/a.
  • The foreign sugar production segment produces 300,000 t/a of raw sugar through Tully Sugar Limited, which can help ensure the domestic sugar supply.
  • Regarding the sugar refining segment, the company has abundant resources of raw materials and its sugar processing efficiency has increased markedly. It now has a sugar refining capacity of 1.90 million t/a, ranking the first in the industry in China.
  • The sugar trading segment includes the sourcing of raw sugar from other corporate and the import of organic sugar. Its annual sugar trading volume stays above 3 million t/a, which can secure the domestic sugar supply.
Table COFCO Sugar's key financial highlights, H1 2022 vs. H1 2021, million USD
Item 31 Jan.–30 June 2022 31 Jan.–30 June 2021 YoY change
Revenue 1,729.28 1,623.91 6.49%
Net profit attributable to shareholders of the listed company 91.51 65.57 39.56%
Net cash flow from operating activities 252.6 241.96 4.40%
Item 30 June, 2022 31 Dec., 2021 YoY change
Net asset attributable to shareholders of the listed company 1,521.73 1,455.59 4.54%
Total assets 2,949.82 2,722.97 8.33%

Source: COFCO Sugar


More information can be found at CCM Sweeteners China Monthly Report.

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