Gulf Resources, Inc. Provides Earnings Guidance for the Third Quarter Ending September 30, 2022 and Full Year Ending December 31, 2022
August 30, 2022 at 08:30 am EDT
Share
Gulf Resources, Inc. provided earnings guidance for the third quarter ending September 30, 2022 and full year ending December 31, 2022. For the quarter, the company projected that the bromine and crude salt segments are to generate revenues of approximately $20.0 million to $21.8 million, an increase of approximately 12.4% to 22.5% from that of the previous year. Profit before income tax is expected to be approximately $9.0 million to $10.3 million, an increase of approximately 20.0% to 37.3% from that in the previous year.
For the full year, the company projected the bromine and crude salt segments are to generate revenues of approximately $62.0 million to $63.7 million, an increase of approximately 12.7% to 15.8% from that of the previous year. The Company estimates that there will be fewer days of operation in the fourth quarter 2022 as compared to last year due to the earlier Chinese New Year. In addition, because of the current softness in the Chinese economy and for purposes of conservatism, the Company is assuming the selling pricing in the fourth quarter of 2022 will be below the fourth quarter of 2021. Profit before income tax is projected to be approximately $20.0 million to $21.5 million, an increase of 63.9% to 76.2% from that in the previous year.
Gulf Resources, Inc. is a holding company. The Company manufactures and trades bromine and crude salt; manufactures and sells chemical products used in oil and gas field exploration, oil and gas distribution, oil field drilling, wastewater processing, papermaking chemical agents and inorganic chemicals, and manufactures and sells materials for human and animal antibiotics. The Company operates in three segments: bromine, crude salt and chemical products. Crude salt is the principal material in alkali production, as well as chlorine alkali production and is used in the chemical, food and beverage, and other industries. Its Chemical products include Hydroxyl guar gum, Demulsified agent, Corrosion inhibitor for acidizing, Bactericide, Iron ion stabilizer, Flocculants agent, Bromopropane, Solid lubricant, Polyether lubricant and Chlorantraniliprole. Its production sites are located in the Shandong Province in northeastern China.