Xinxing Ductile Iron Pipes Reports 87.6% Drop in Net Profit for 2024

Xinxing Ductile Iron Pipes Co., Ltd., a leading steel manufacturer based in Hebei Province, has reported a sharp decline in its financial performance for the fiscal year 2024.

The company announced an operating revenue of RMB 36.194 billion (approximately USD 5.0 billion), representing a year-on-year decrease of 16.32%. Net profit for the year dropped by 87.6% to RMB 167 million (USD 23.2 million), underscoring the impact of market pressures and economic headwinds on its operations.

Xinxing Ductile Iron Pipes did not provide detailed commentary on the factors behind the decline but noted that the figures reflect a challenging market environment for the steel and ductile iron pipe industries throughout the year.

The company is expected to announce further measures in the coming months to address profitability and strengthen its position amid evolving market conditions