Wison Engineering Announces 2015 Interim Results

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Wison Engineering Announces 2015 Interim Results

Aug 28,2015        

Substantial Growth in Revenue and Profit

Profit Attributable to Owners of the Parent increased by 467.9%


SHANG HAI, 28 August 2015Wison Engineering Services Co. Ltd. (“Wison Engineering” or the “Company”, SEHK stock code: 2236, together with its subsidiaries, the “Group”), one of the leading chemical engineering, procurement and construction management (“EPC”) service providers in China, today announced its interim results for the six months ended June 30, 2015 (“the Period under Review” or “the first half of 2015”).


During the Period under Review, substantial growth in revenue was seen as a result of smooth progress and commencement of the Group’s major coal-to-chemicals projects and oil refinery projects. The Group’s revenue increased by 28.0% year-on-year to approximately RMB3,535.8 million. Profit attributable to the owners of the parent rose significantly by 4.7 times to approximately RMB150.3 million, compared with the same period last year.


The Group has recorded notable achievement in its business diversification strategy. Coal-to-chemicals segment accounted as the top revenue contributor, with the Group’s major coal-to-chemicals projects recorded smooth progress, which drove the increase in its revenue. During the Period under Review revenue of the segment soared 43.8% year-on-year to approximately RMB2,175.0 million. Revenue from the Group’s oil refinery business amounted to approximately RMB 944.6 million, representing a significant year-on-year increase by 9,252.5%.


Mr. Liu Haijun, Senior Vice President of Wison Engineering, said, “By adhering to its core strategy of ‘Internationalization development’, in the first half of 2015 the Group made further enhancement in its global sales network, overseas project engineering and execution capabilities, fine operational management as well as corporate culture building to fast respond to the client’s needs, taking a substantial step to transform into a leading global engineering company.”


During the Period under Review, a new cracking furnace project in Saudi Arabia under an EPC contract of the Group was delivered successfully ahead of schedule, while a number of projects in Venezuela have been progressing smoothly. Furthermore, Wison Engineering was granted a new order in the core market of the Middle East, showing overseas clients’ increased recognition for the Group’s outstanding capability in EPC execution. In addition, the Group was included as one of the constituent stocks in the Morgan Stanley Small Cap (China) Index by Morgan Stanley Capital International (MSCI), reflecting that the sustainable development and prospect of the Group’s business operation are highly recognized by the international capital market.


Comprehensive enhancement of internationalization


During the Period under Review, the Group has proactively adjusted its planning in order to comprehensively increase the international competitiveness of the Company. The Group has developed a comprehensive international sales & marketing network, built and nurtured an international sales & marketing talent team, established a designated” One Belt, One Road” working team, to promote international cooperation and market expansion by integrating various resources in marketing, consulting and financing etc.; in respect of project execution, the Group made great efforts to develop execution capability of international projects through optimizing its team structure, enhancing overseas project execution team and recruiting more international talents.  We have also put more resources into the international corporate culture building and globalized financial management.


Strengthening the leading role of engineering design


To intensify the leading role of engineering design in EPC services, the Group made a comprehensive structural adjustment of its 800-person engineering team, including strengthening forces in engineering management, talents and technologies at Shanghai headquarter, accelerating the building of international engineering design team and the development of young backup talents for all positions, as well as promoting digital engineering from all respects. The Group also fully utilized the overall resource potential of the design centre to improve its management from different aspects, such as business management, regional management, technology management and engineering management.


Continuous technological innovation and exploration of new business 


Along with adhering to technological innovation and consolidating the leading position in the industry, the Group proactively explored new business opportunities to enrich and diversify its business during the Period under Reivew. Besides of three new patents authorized, Wison Engineering’s MTO olefin separation technology featuring its innovative “pre-cutting and oil absorption” process, which had been verified by an expertise team convened by China Petroleum and Chemical Industry Association for its technological achievement. The technology is accredited with international leading standard and competitive edges in the market.


In addition, the Group set up a special committee and a new technology project group to explore new business in the fields of new integrated technologies of petrochemicals, oil refinery and coal-to-chemicals technologies, advanced energy saving and consumption reducing technologies and LNG, amongst others. The above-mentioned teams aim to boost technological cooperation and alliances between the Company and leading domestic and foreign technology institutions and enterprises, and to innovate core technologies as the driven factors for the Group’s EPC business development. Meanwhile, the Company regards modularized delivery to be one of its key capabilities, and has established a dedicated modularization team in order to advance the technological ability and resource reserve of procurement, construction management and other relevant departments in their modularized delivery and engineering construction, led by modularized engineering design.


Looking forward to the second half of this year, Mr. Liu Haijun said, “The Group will continue to pursue its strategic objectives of “Development, Globalization and Differentiation”. Various measures will be centred on themes of “international development”, “systematic and standard management”, “competence enhancement”, “talent team and corporate culture building”. We will work hard together with our staff to achieve the Group’s strategic objectives and realize mutual benefit for our staff, while creating value for shareholders and other stakeholder as rewards to their support.”


Wison Engineering

Wison Offshore & Marine

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