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Gulf Resources Announces Its Flood Prevention Plan
Fri, November 17, 2023 at 5:30 AM PST
SHOUGUANG, China, Nov. 17, 2023 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (Nasdaq:GURE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced that it has recently initiated its preventive measures for safeguarding its bromine facilities.
In 2018, Shouguang City experienced the devastating impact of Typhoon Winbiya, regarded as one of the most destructive typhoons in history, resulting in the region receiving 14.9 inches of rainfall. The overflow of three major reservoirs along the Mihe River led to extensive flooding in farmlands, residential zones, and industrial factories. All of the Company’s bromine factories, crude salt pans, and mining areas were seriously impacted. The Company incurred substantial expenses, amounting more than $40 millions of dollars, including write-offs , for road repairs, equipment replacement, salt pan reconstruction, and the re-drilling of flooded wells.
A year later, Typhoon Lekima struck Shouguang City, surpassing the destructive force of its predecessor. Once again, the Company had to spend more than $6 millions of dollars to rectify the aftermath, involving road repairs, equipment replacement, salt pan reconstruction, and the re-drilling of affected wells.
To mitigate similar damages in the future, the Company has commenced a flood prevention initiative. Our strategy involves the renovation of the channels of four major rivers within our mining area, encompassing the tributary of the Mihe River. The aim is to prevent flooding that could harm the wells, aqueducts and crude salt pans at our plant.
The projected expenditure for this initiative amounts to $50,497,652. As of the third quarter, ending on September 30, 2023, we disbursed $15,149,296 for the initial phase of this project.
Apart from reducing risk to surrounding regions, we anticipate three notable advantages from this flood prevention plan. It is expected to:
enhance the probability of obtaining approval to reopen factories #2 and #10;
enable the drilling of additional wells across our five operating factories, and
mitigate the risks and associated expenses related to future storms-induced flooding.
Given our company’s robust financial position and substantial cash resources, we believe the flood prevention program will yield favorable returns over the long-term.
In 2016, I thought one day Gulf could be a $30-$50 stock. We had ten bromine-crude salt factories, two chemical factories, had discovered natural gas and bromine in Sichuan, and had the capital to grow. At the time, I did not know the government would close our factories to improve the environment, COVID would occur, a typhoon would flood our facilities, or the government would increase financial controls on currency.
Despite these issues, in 2021, the management team and I made the decision to pay back partial or all of approximately 11 ½ years of compensation a in Gulf and get. Currently, I am working with no cash but only shares as compensation. At the time, the stock was much higher than it is now, making our decision look wrong. However, we were- and are- making a long-term bet that Gulf can still be a $30-$50 stock.
Despite the long closure of our factories and our expensive rebuilding, we currently have approximately $115 million or $11.05 per share in cash, and almost no debt. We have not wavered in our belief that our company will generate substantial earnings. The following should not be taken as our projections. They are the views that convinced me to repay almost 11 ½ years of salary and work for no compensation.
In 2022, our bromine and crude salt business had earnings of approximately $14.2 million, with factory #8 only opening late in the year. Despite the recent price decline, world-wide supplies of bromine are limited. Some former factories, including three of our own, were permanently closed. Demand should strengthen and prices should increase, especially as new uses, like zinc/bromine batteries, materialize. If we can get open our rest two closed factories, bromine and crude salt may earn $30-$40 million a year over time.
Our Yuxin chemical factory expect to be modern. We would not spend more than $60 million if we did not believe that we could earn a strong return. We have temporarily postponed the delivery of the final equipment so we can customize this equipment to the best market opportunities. Chemicals earned $33 million in 2015. While our new factory will be smaller, with our modern equipment and high margin products, we believe former profit levels may be attainable.
We also exptect try to developing an export business in chemicals to enable us to gain the financial flexibility to consider to buy back stock or pay dividends. We are also exploring the possible opportunities for zinc-bromine batteries.
In Sichuan, we continue to wait for the government’s environmental plan. Our current focus is to create a Joint Venture with the Daying county government. While we still do not know if our proposed Joint Venture in Sichuan will be approved, the potential could be greater than our original plan. If we can partner with the local government, we would expect to be able to drill more wells for both bromine and brine.. Since Petro-China has made the largest natural gas discovery in Chinese history in Daying, we think this could be a profitable endeavor. In addition, Daying has much higher concentrations of bromine than does Shandong Province.
If we may earn $30-$40 million from bromine and crude salt, $20-$30 million from chemicals, and $10-$20 million from natural gas, our operating earnings may be $60-$90 million, or $4.00-$6.00 a share after tax and corporate overhead.
Events could change these numbers. The Chinese economy could remain stay weak. We might not be able to open factories #2 and #10. Our attempts to build an export business in chemicals could fail, and the JV in Sichuan could fail to be established. However, the bet that our management and I are making is not that Gulf Resources can be a $4-$6 stock. Our bet is that we can generate high returns and may consider to use our free cash flow to enhance shareholder value. If we can accomplish these goals, our massive bets on the future of the company will have proven right.
Gulf Resources Announces it has updated the letter from Chief Executive Officer on its website September 04 2023 - 08:30AM GlobeNewswire Inc.
Gulf Resources, Inc. (Nasdaq:GURE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced that it has updated the letter from Chief Executive Officer on its website. The Company has recently updated the letter from its Chief Executive Officer , Mr Xiaobin liu on its website. Just simply click on the link below: http://www.gulfresourcesinc.com/about-7.html
About Gulf Resources, Inc.
Gulf Resources, Inc. operates through four wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited ("SCHC"), Shouguang Yuxin Chemical Industry Co., Limited ("SYCI"), Daying County Haoyuan Chemical Company Limited (“DCHC”) and Shouguang Hengde Salt Industry Co. Ltd. (“SHSI”). The Company believes that it is one of the largest producers of bromine in China. Elemental Bromine is used to manufacture a wide variety of compounds utilized in industry and agriculture. Through SYCI, the Company manufactures chemical products utilized in a variety of applications, including oil and gas field explorations and papermaking chemical agents, and materials for human and animal antibiotics. Through SHSI, the Company manufactures and sell crude salt. DCHC was established to further explore and develop natural gas and brine resources (including bromine and crude salt) in China. For more information, visit www.gulfresourcesinc.com.
Gulf Resources Updates Investors on Revenue and Earnings Projections from Bromine and Crude Salt Segments for the 3rd quarter and the full year of 2022 August 30 2022 - 08:30AM GlobeNewswire Inc.
Gulf Resources, Inc. (NASDAQ:GURE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China today is updating investors as to its estimates for revenues and profits for the 3rd quarter and the full year of 2022 for its Bromine and Crude Salt Segments only based on Non-Generally Accepted Accounting Principle (Non-GAAP). The Company is also providing a preliminary overview of 2023 for these two segments. Before reviewing the projections, the Company advises investors that these estimates were based on its assumptions at this time, also do not include unexpected nonrecurring and non-operational factors, any impairments and write-offs which our auditors may recommend. Market conditions impacting the price and the demand for our products can change at any time. The Chinese economy has softened, which could impact demand and pricing.
COVID continues to be a serious problem in China. The Company has no visibility as to when this epidemic will abate. If COVID spreads further, the Chinese government could increase its inspections of our facilities, which also could impact our production.
In addition, China has been impacted by serious heatwaves and one of the worst droughts in a century. The drought has caused limited hydropower and the increased demand has caused the cutback in electricity and forced the closing of factories in certain parts of the country. These closures could also impact demand and pricing.
The government in Shandong Province could force us to close our operating factories, as it did last winter. In 2023, Chinese New Year falls on January 22, 2023,10 days earlier than it fell in 2022 and 21 days earlier than it fell in 2021. The seasonal closings are (not as) usually about 58 days from the end of Chinese New Year.
While the Company does not know if the government intends to have a seasonal closing in 2022-3, its projections for the 4th quarter assume that the government will force our facilities to close in early to mid December 2022. Should these closings occur, 4th quarter 2022 sales and earnings may be impacted negatively, while first quarter 2023 earnings may be impacted positively.
Further, because our crude salt business was recently split off from our bromine business, the results of these two segments in our financial statements will not be strictly comparable. Bromine is now incurring a larger share of operating costs, which have lowered its profits and raised those of crude salt in comparison with the reported results in 2021 and the first quarter of 2022.
The projections below are for the bromine and crude salt segments only in 2022. They include allocations of corporate cost but do not include public company costs, and do not include the losses from chemicals and natural gas or income taxes. All projections for the third and fourth quarters assume a currency Exchange Rate ( RMB/US$=6.8065).
The estimates also do not assume any stock grants for management in 2022. It is possible there will be some grants in 2022. If grants are awarded, they will be lower than those in 2021.
Projections for Bromine and Crude Salt Segments
Third Quarter Ending 9/30/2022 For the third quarter ending 9/30/2022, the bromine and crude salt segments are projected 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 $10.3 million, an increase of approximately 20.0% to 37.3% from that in the previous year.
Q3 2022($Million) Q3 2021($ Million) % of change Revenue 20.0-21.8 17.8 12.4%-22.5% Profit Before income Tax 9.0-10.3 7.5 20.0%-37.3% Full Year Ending 12/31/2022 For the full year ending 12/31/2022, the bromine and crude salt segments are projected 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 $21.5 million, an increase of 63.9% to 76.2% from that in the previous year.
2022($Million) 2021($Million) % of change Revenue 62.0-63.7 55.0 12.7%-15.8% Profit Before income Tax 20.0-21.5 12.2 63.9-76.2% 2023 and Beyond
Based on information currently at hand, revenues and earnings in 2023 for bromine and crude salt segments are projected to increase from the estimates in 2022.
The Company currently believes that 2023 will benefit from:
The production of factory #8, which may add approximately by 20% to annual production capacity of operating factories at this time. More days of additional production. With Chinese New Year coming earlier in 2023 (Feb. 01, 2022 vs. Jan 22, 2023, there will be more production days in the first quarter, and with Chinese New Year coming later in 2024 (Jan, 24, 2023 vs. Feb. 10, 2024) there should be more production days in the 4th quarter. Fewer closings for inspections as if COVID is expected to abate somewhat. Continued strength in pricing, as the closure of many factories has lowered supply, while the decline of the RMB versus the USD and other currencies has made imports more expensive. The Company also believes it may get permission to open another factory in 2023, but this factory is not included in these projections.
6-Year Plan
The Company is currently reviewing the projections for the 6-year plan for bromine and crude salt on June 14,2022. At the present time, the Company expects revenues and profits may continue to increase on an annual basis. The capital investments made in our bromine operation should help us maintain or even slightly increase our utilization. Certain of our closed factories could be allowed to resume operations by the government. However, given the uncertainties related to COVID -19 and the economy of China, the Company is continuing the review and may revise the 6-Year Plan and will provide them to investors as the situation become clearer.
About Gulf Resources, Inc.
Gulf Resources, Inc. operates through four wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited ("SCHC"), ShouguangYuxin Chemical Industry Co., Limited ("SYCI"), Daying County Haoyuan Chemical Company Limited (“DCHC”) and Shouguang Hengde Salt Industry Co. Ltd. (“SHSI”). The Company believes that it is one of the largest producers of bromine in China. Elemental Bromine is used to manufacture a wide variety of compounds utilized in industry and agriculture. Through SYCI, the Company manufactures chemical products utilized in a variety of applications, including oil and gas field explorations and papermaking chemical agents, and materials for human and animal antibiotics. Through SHSI, the Company manufactures and sell crude salt. DCHC was established to further explore and develop natural gas and brine resources (including bromine and crude salt) in China. For more information, visit www.gulfresourcesinc.com.
Gulf Resources, Inc. Announced Governmental Approval for Bromine Factory No. 8 August 24 2022 - 08:30AM GlobeNewswire Inc.
Gulf Resources, Inc. (NASDAQ:GURE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China today announced that recently it has received oral notification from Shouguang Yangkou Town People’s Government permitting it to resume production at its Factory No. 8. With this approval, the Company can now take steps to resume production at this factory. The Company will immediately begin the preparation work including upgrading some of the facilities of this factory. The Company expects to complete test and trial production in the fourth quarter 2022. The Company believes Factory No. 8 will produce revenue in the fourth quarter 2022.
According to our Annual Report on Form 10-K for the year ending December 31, 2021, the resume of production at Factory No. 8 would result in an increase in annual production capacity of operating factories by approximately 20%.
Gulf Resources will also be providing investors with projections for its bromine business for the remainder of the year on or about the end of August 2022.
About Gulf Resources, Inc.
Gulf Resources, Inc. operates through four wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited ("SCHC"), ShouguangYuxin Chemical Industry Co., Limited ("SYCI"), Daying County Haoyuan Chemical Company Limited (“DCHC”) and Shouguang Hengde Salt Industry Co. Ltd. (“SHSI”). The Company believes that it is one of the largest producers of bromine in China. Elemental Bromine is used to manufacture a wide variety of compounds utilized in industry and agriculture. Through SYCI, the Company manufactures chemical products utilized in a variety of applications, including oil and gas field explorations and papermaking chemical agents, and materials for human and animal antibiotics. Through SHSI, the Company manufactures and sell crude salt. DCHC was established to further explore and develop natural gas and brine resources (including bromine and crude salt) in China. For more information, visit www.gulfresourcesinc.com.
Gulf Resources Announces Results for the Second Quarter and Six Months Ended June 30, 2022 Gulf Resources, Inc. Mon, August 15, 2022 at 1:35 PM
SHOUGUANG, China, Aug. 15, 2022 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (Nasdaq: GURE) ("Gulf Resources", “we,” or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced financial results for the six and three months ended June 30, 2022
Gulf Resources is pleased to report a second quarter with revenues up 41% and earnings per share of $0.37 despite the interruptions in production caused by COVID-19 circumstances, the overall weakness in the Chinese economy, the continuing fact that closures of bromine and crude salt factories No.2, No.8, and No.10 and the delay in opening the new chemical factory.
Bromine pricing has continued to be strong, the average selling price in the quarter was $7,740. As COVID abates and the Chinese economy begins to recover, the Company believes demand and pricing will continue to increase. Given the economics of our bromine business, this augers well for future profits. With the likelihood of one or more of our closed facilities maybe open and the future completion of our chemical factory, our company expects we will produce strong results in the remainder of 2022 and in future years.
Financial Highlights For the three-month period ending June 30,2022
Revenues increased 41% to $15,711,714
Gross Profit increased 80% to $7,610,594
Income from operations was $5,109,163 compared to a loss of ($2,382,809)
Net income was $3,901,794 compared to a loss of ($2,703,220).
Earnings per share were $0.37 compared to a loss of $0.26.
For the six-month period ending June 30,2022
Net revenues increased 50% to $24,642,451
Gross profit increased 126% to $11,991,363
Income from operations was $5,044,076 compared to a loss of ($5,664,233)
Net income was $3,781,848 compared to a loss of ($5,205,344)
Earnings per share were $0.36 compared with a loss per share of ($0.50).
Balance Sheet
As of June 30, we had cash of $79,115,431.
Total assets were $298,613,109. Total liabilities were $23,036,454.
Shareholders’ Equity was $275,576,655.
Based on 10,471,924 shares issued and outstanding, book value for Shareholders’ Equity per share was $26.32*.
For the Three Months Ending June 30, 2022.
Bromine Segment Bromine revenues increased 38% to $13,893,809. The primary contributor to the higher revenues was the increase in the selling price of bromine. During the quarter the average selling price was $7,740 compared to $5,556 in the same quarter of the previous year. There is always a lag in the average selling price compared to the market price as the Company fulfills orders based on when they are received.
During the quarter the Company sold 1,795 tonnes of bromine slightly below the 1,805 in the previous year. During the second quarter of 2022, in order to control COVID, the government made a series of unannounced inspections of our bromine and crude salt facilities, that caused the Company to shut and then reopen its facilities. During the second quarter of 2021, there was one full inspection. The Company believes the inspections in 2022 had a more significant impact on production than did the inspections in 2021.
The cost of revenues in bromine was $6,865,832 representing an increase of $1,312,339 from the same quarter of the previous year.
In this quarter, to comply with new government directives, the Company separated bromine and crude salt into two separate legal entities. With this separation, bromine assets increased to $172.1 million from $138.9 million, while crude salt assets shrank to $10 million from $32.8 million. This caused bromine to receive a higher allocation of expenses than in previous years.
Even with the higher allocation of costs, income from the bromine segment increased 98.5% to $5,325,541 from $2,682,233.
In the quarter, the Company spent $32,822,927mainly in bromine wells, aqueducts and the installation of high and low voltage lines for bromide Wells.
The Company continues to believe it will receive permission to open one of these factories in 2022 and perhaps try its best effort to get another in early 2023.
During the quarter, the Company incurred capital expenditures of $32,822,927 for its bromine segment, which mainly include the cost for bromine wells, aqueducts and the installation of high and low voltage lines for bromide Wells. The Company believes these expenditures may enable it to maintain or slightly increase its utilization in the bromine segment in future quarters.
Crude Salt Crude salt revenues increased 62% to $1,817,904. There was a 10% increase in production in tonnes and a 47% increase in average selling price. The cost of net revenue decreased by 9% to $1,235,288, largely as a result of the reallocation of costs. Crude salt reported income from operations of $142,968 compared to a loss of $578,435.
Chemicals Revenues in chemicals were $0. The net loss was ($475,201) vs. a net loss of ($741,312) in the same period of the previous year.
During the quarter, COVID restrictions as well as supply chain issues caused delays in receiving some of the previously ordered machinery and equipment including the waste water treatment and solid waste treatment equipment. The Company is working with its existing suppliers and may identify new suppliers so that it can complete construction of its factory based on the delivery.
To date, the Company has spent $45,584,344 on its new factory. It believes the total cost will approximate $69 million. The Company cannot currently project when construction will be completed and production will begin, but it does not believe the delays will impact the cost of the project or the long-term profitability. The Company will update investors as soon as the waste- water treatment and solid waste treatment equipment is delivered.
Natural Gas Segment The natural gas segment had $0 revenues and a net loss of ($61,699) roughly equal to the loss in the previous year. Pursuant to the Opinions of the Ministry of Natural Resources on Several Issues in Promoting the Reform of Mineral Resources Management (Trial) promulgated by the Ministry of Natural Resources of PRC on January 9, 2020, which came into effect on May 1, 2020, privately owned enterprises are allowed to participate in the natural gas production. The Company plans to proceed with its applications for the natural gas and brine project approvals with related government departments until the governmental planning has been finalized.
Other Costs Direct factory and overhead costs for closed factories were $1,927,297 vs. $1,394,717 in the same period of the previous year.
Corporate costs declined to $67,987 from $3,193,107. In the second quarter of 2021, the Company incurred $3,113,140 in charges for stock grants to management. There were no stock grants in the second quarter of 2022.
Profit & Loss Net income was $3,901,794 compared to a loss of $2,703,220 in the same quarter of the previous year.
Net income per share was $0.37 compared to a loss of ($0.26).
Foreign Currency Translation Adjustment For the quarter, the Company had a negative foreign translation adjustment of $16,393,444 versus a positive adjustment of $5,334,236 in the previous year. This adjustment was caused by an approximate 6.1% decline of the RMB vs. the USD. The adjustment impacts all balance sheet translations into U.S. dollars.
Six Months Ending June 30, 2022 Net revenues increased 50% to $24,642,451. Gross profits increased 126% to $11,991,363. General and administration expenses declined 60% to $2,799,590. A major factor impacting results in 2021 was the charge of $3,113,140 for stock grants. Income before taxes was $5,127,164 versus a loss of ($5,592,573). Net income was $3,781,848 vs. a loss of ($5,205,344). Earnings per share were $0.36 vs. a loss of ($0.50).
In Bromine, revenues increased 48% to $22,019,825. Net selling prices increased 39%. Costs increased 19% to $10,786,157. Income from operations increased 376% to $6,674,375 despite the higher allocation of costs as a result of separating salt from bromine. The loss from operations in crude salt was $378,953 vs. a loss of $1,588,020 in the same period of the previous year. Chemical products lost $988,483 and natural gas lost $88,438 as neither business had revenues in the six months.
Cash Flow We generated $18,492,397 in cash flow from operations versus $7,025,775 in the previous year. We invested $33,217,987 in our bromine business mainly for bromine wells, aqueducts and the installation of high and low voltage lines for bromide Wells. The change in the value of the RMB to the USD caused a reduction in cash and cash equivalents of ($1,642,327) versus a credit of $1,912,746 in the previous year.
Balance Sheet As of June 30,2022, we had cash of $79,115,431. Total assets were $298,613,109. Total liabilities were $23,036,454., Shareholders’ Equity was $275,576,655. Based on 10,471,924 shares issued and outstanding, book value for Shareholders’ Equity per share was $26.32* and cash per share was $7.56*.
Commentary “We are very pleased to have reported earnings of $0.37 per share in the second quarter despite the disruptions caused by COVID-19,” Mr. Liu Xiaobin, the CEO of Gulf Resources stated.
“With our new wells and other bromine facilities, we should be able to increase production in the remainder of 2022,” Mr. Miao Naihui,, the Chief Operating Officer, added, Bromine prices continue be strong. Our average selling price in the quarter was $7,740.As COVID abates, we expect increases in demand. The combination of production and higher pricing should lead to improvements in profits from operation in the third quarter and beyond.”
“In addition,” Mr. Miao continued, “we are hopeful one factory will receive approval to reopen in the near future. Because we have already made a lot of work to the factory, we expect further capital expenditures will be mainly within the factory site.
“We are disappointed that COVID and supply chain disruptions have delayed the opening of our Chemical factory,” stated Mr. Liu, the CEO, “but once the waste water and solid waste treatment equipment is delivered, we will update our investors. Based on the market for pharmaceuticals and their by-products as well as the market for other chemicals using bromine, we believe our chemical factory will perform well.”
“We also expect,” Mr. Liu continued, “that we may be able to produce natural gas and bromine in Sichuan Province.”
“We appreciate the patience of our shareholders,” Mr. Liu concluded, “While we are not making projections, based on the current price of bromine, we the expect the remainder of the year will be profitable.”
(*These calculations are based on the number of shares issued and outstanding of 10,471,924 shares as of June 30, 2022)
Conference Call Gulf Resources management will host a conference call on Monday, August 15, 2022 at 07:30 PM Eastern Time to discuss its second quarter 2022 results ended June 30, 2022.
Mr. Xiaobin Liu, CEO of Gulf Resources, will be hosting the call. The Company management team will be available for investor questions following the prepared remarks.
To participate in this live conference call, please dial Toll Free +1(877)545-0320 five to ten minutes prior to the scheduled conference call time. International callers should dial +1(973)-528-0002, and please reference to “Gulf Resources” or Participant Access Code: 360812 while dial in.
A replay of the conference call will be available two hours after the call's completion and expired by Monday, August 22, 2022. To access the replay, call +1 (877) 481-4010. International callers should call +1 (919) 882-2331. The Replay Passcode is 46362.
About Gulf Resources, Inc.
Gulf Resources, Inc. operates through four wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited ("SCHC"), ShouguangYuxin Chemical Industry Co., Limited ("SYCI"), Daying County Haoyuan Chemical Company Limited (“DCHC”) and Shouguang Hengde Salt Industry Co. Ltd. (“SHSI”). The Company believes that it is one of the largest producers of bromine in China. Elemental Bromine is used to manufacture a wide variety of compounds utilized in industry and agriculture. Through SYCI, the Company manufactures chemical products utilized in a variety of applications, including oil and gas field explorations and papermaking chemical agents, and materials for human and animal antibiotics. Through SHSI, the Company manufactures and sell crude salt. DCHC was established to further explore and develop natural gas and brine resources (including bromine and crude salt) in China. For more information, visit www.gulfresourcesinc.com.
Thanks for reminding me. I'll listen in later today. I think if China stocks catch a bid this one should also. I really like the zinc/bromine battery story.
A zinc-bromine battery is a rechargeable battery system that uses the reaction between zinc metal and bromine to produce electric current, with an electrolyte composed of an aqueous solution of zinc bromide. It is being developed as an alternative to lithium-ion batteries for stationary power applications from domestic through to grid-scale. The water-based electrolyte makes the battery system less prone to overheating and fire compared with lithium-ion battery systems.
Gulf Resources Announces Fourth Quarter and Full Year 2021 Financial Results April 12 2022 - 04:45PM GlobeNewswire Inc.
Gulf Resources, Inc. (Nasdaq: GURE) ("Gulf Resources", “we,” or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced financial results for the fourth quarter and full fiscal year 2021 ended December 31, 2021. Highlights:
For the year ending 12/31/2021, revenues were $55,030,586 compared to $28,207,024, an increase of 95%. Cost of Net Revenue was $27,132,372 compared to $19,415,034, an increase of 40%. Gross profit was $27,898,214 compared to $8,791,990, an increase of 217%. Gross margins were 50.7% Vs. 31.2% in the prior year. Direct labor increased 31% to $10,718,605. General & Administrative expenses decreased by 7% to $9,525,235. Other operating expenses increased $2,358,154. Profit before taxes improved $14,894,262 from a loss of $9,683,392 to a profit of $5,210,870. Taxes increased $7,406,689 from a credit of $1,108,471 to a charge of $6,298,218. The loss after taxes declined 89% to $924,718 from $8,420,044. Three factors contributed to the net loss: a depreciation expenses of $4,303,266 for closed factories #2,#8, & #10, $2,723,189 for the cancellation of deferred tax assets, and $3,134,080 in compensation charges for shares issued to company management.
By Segment
Bromine
Revenues in bromine increased by 78% to $48,871,396. The increase was due to an increase in volume of 24% and an increase in pricing of 57%. For 2021, the average selling price of bromine was RMB 42,644. The current price is RMB 55,600. Costs in bromine increased by 43% to $22,848,348. Gross profits increased by 182% to $26,023,048 from $9,233,996. Gross profits margins were 53% compared to 37%. Net income in bromine increased by 727% to $13,364,649 from $1,616,542. Crude Salt
Revenues in crude salt increased by 101% to $6,080,242. Volume increased 4%. Pricing increased 93.4%. Cost of net revenues increased by 27% to $4,284,024. Gross profit increased to $1,796,218 from a net loss of ($442,006). For the fiscal year, the crude salt segment lost $1,078,320 compared to a loss of $3,589,494 in the previous year. Chemicals & Natural Gas
The Chemical products segment sustained a loss of $2,500,561 roughly in line with the loss of $2,745,297 in the previous year. The chemical business did not operate in 2021. The natural gas segment sustained a loss of $167,139 in 2021. The natural gas segment did not operate in 2021. Cash Flow
The Company generated $23,311,169 from operations compared to $9,305,627 in the previous year. Capital expenditures were $30,093,140 compared to $21,719,369 in the previous year. The table below reflects the capital expenditures by segment for the full year and for the 4th quarter. (Numbers for the 9 months are from the 10Q of Nov15. 2021).
Capital Expenditures Bromine($) Crude Salt ($) Chemicals ($) Total($) 2021(A) 18,205,560 2,250,126 9,637,454 30,093,140 9Months(B) 188,529 - 8,371,623 8,560,152 Q4 2021(C) 18,017,031 2,250,126 1,265,831 21,532,988 (A) Information represents are audited by company auditor (B) “The 9 months” represents the financial results for the nine months ended September 30, 2021 as disclosed in the 10-Q filed on November 15, 2021. (C) C=A-B In the fourth quarter, the Company spent approximately $20.3 million on its bromine and crude salt segments, drilling new wells and building new aqueducts.
Balance Sheet For purposes of calculations, all per share numbers are based on 10,471,924 shares issued and outstanding as of December 31, 2021.
The Company ended the year with cash of $95,767,263. On a per share basis, this equates to $9.15*. Net cash per share (current assets minus all liabilities) were $81,877,727 or $7.82 per share. Working capital was $101,545,326 or $9.70* per share. Shareholders’ equity was $286,639,217 or $27.37* per share. Fourth Quarter
The results for the fourth quarter of 2021 are calculated by using the reported results for the full year in the 10-K and then subtracting the results filed in the 10-Q for the nine months ended September 30, 2021.
2021 2020 % Change Net Revenue $20,869,666 $11,807,686 76.7 % COGS $7,837,512 $6,720,763 16.6 % Gross Margin $13,032,154 $5,086,923 156.2 % GP % 62.4 % 43.1 % Sales & Marketing $18,759 $13,797 36.0 % Direct Labor & Factory O.H. $5,481,347 $1,284,175 326.8 % G&A Expenses $1,374,466 $2,942,933 -53.3 % Income before taxes $3,822,175 $880,195 334.2 % Taxes $4,935,164 $603,280 718.1 % Income -$1,112,989 $276,915 In the 4th quarter of 2021 compared to the same period of 2020,
Net revenue increased 76.7% Gross margin increased 156.2% Direct labor and factory overhead increased 326.8% Income from operations increased 350% Income before taxes increased 334.2% Taxes increased 718.1% The Company incurred a loss of $1,112,989 versus a profit in the previous year. A number of below listed unique accounting factors impacted the fourth quarter.
Depreciation As can be seen from the table below taken from the 10-K and the 10-Q for September 30, 2021. Depreciation in the fourth quarter was more than $4 million higher than the previous year’s quarter. The main contributory factor was that the depreciation for the three closed factories (#2,#8, and #10) to the fourth quarter.
Depreciation Cost 2021 2020 Full Year 2021 $20,543,425 $15,987,860 9 months $12,316,639 $11,907,702 Q4 $8,226,786 $4,080,158 Difference $4,146,628 Taxes The second major contributing factor was the tax rate. In the first 9 months, the tax rate approximated the 25% statutory tax rate. In the fourth quarter, the Company took a charge of $2,723,189 for the offset of deferred tax assets.
Subsequent Events
On February 22, 2022, the Company announced that discussions with the government have convinced management that the electricity restrictions are being eased. Accordingly, the Company had contacted its suppliers and will have most of the remainder of the equipment produced and delivered.
2022 Outlook
Bromine & Crude Salt The Company expects bromine prices to remain at current high levels or even increase. The Company is encouraged by the opportunity in zinc-bromine batteries for power and EVs.
The Company also expects to receive approval to open at least one and potentially more of its closed factories in 2022.
Chemicals The Company has now ordered most of the equipment for its chemical factory. While some equipment may be delayed because of COVID issues in China, the Company believes installation should be completed near the end of the third quarter 2022. Commercial production may begin during 2023. The Company believes the delay could increase the cost of the project by about $5 million. However, it remains encouraged about the opportunity. The Company will continue to post photographs on its website showing the progress of construction.
Sichuan Project: Natural Gas and Brine: The company is still waiting for the provincial government of Sichuan to finalize the land and resource planning for Sichuan Province. The company has no assurances on the timing of these plans. However, since the government of China has approved that privately owned enterprises are allowed to participate in the natural gas production and since there is great demand for natural gas in China, the company remains optimistic about this project.
2022 Q1 In the past several years, our facilities have been closed for a majority of the first quarter for environmental reasons and Chinese New Year. As a result, the first quarter always has a lower level of sales and profitability than other quarters. Because the price of bromine has remained high, the company expects Q1 revenues to be higher than those of the previous year. It also expects the loss to be significantly reduced. However, any estimates exclude any potential nonrecurring factors or write-offs.
“We are very encouraged about the continuing high price of bromine,” Mr. Liu Xiaobin, CEO of Gulf Resources stated. “As we noted in our press release, we are seeing new demand for bromine, such as the zinc/bromine batteries and supply remains highly constrained. At these levels, our bromine and crude salt business should be profitable. We also believe we will be able to open at least one of our factories this year.”
“Now that following the electricity restrictions are being eased,” Mr. Liu continued, “we are moving as fast as we can to finish construction and begin test and trial production in our new chemical factory. We expect this factory, which will primarily produce pharmaceutical intermediate products with higher margin. In addition, despite the delays, we remain confident that we will be able to produce natural gas and bromine in Sichuan. Natural gas pricing continues to hit record highs. Our exploration area has significant natural gas resources. This continues to be a potentially very exciting project.”
“Meanwhile,” Mr. Liu concluded, “our balance sheet remains strong and we have the capabilities of taking advantage of new opportunities as they arise.”
(*These calculations are based on the number of shares outstanding of 10,471,924 shares as of December 31, 2021)
Conference Call Gulf Resources management will host a conference call on Wednesday, April 13, 2022 at 08:30 AM ET to discuss financial results for fourth quarter and full year 2021.
Mr. Xiaobin Liu, CEO of Gulf Resources, will be hosting the call. The Company management team will be available for investor questions following the prepared remarks.
To participate in this live conference call, please dial Toll Free +1 (888) 506-0062 five to ten minutes prior to the scheduled conference call time. International callers should dial +1 (973) 528-0011, and please reference to “Gulf Resources” or Participant Access Code: 497161 while dial in.
A replay of the conference call will be available two hours after the call's completion and expired by Wednesday, April 20, 2022. To access the replay, call +1 (877) 481-4010. International callers should call +1 (919) 882-2331. The Replay Passcode is 45205.
About Gulf Resources, Inc.
Gulf Resources, Inc. operates through three wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited ("SCHC"), ShouguangYuxin Chemical Industry Co., Limited ("SYCI"), and Daying County Haoyuan Chemical Company Limited (“DCHC”). The Company believes that it is one of the largest producers of bromine in China. Elemental Bromine is used to manufacture a wide variety of compounds utilized in industry and agriculture. Through SYCI, the Company manufactures chemical products utilized in a variety of applications, including oil and gas field explorations and papermaking chemical agents, and materials for human and animal antibiotics. DCHC was established to further explore and develop natural gas and brine resources (including bromine and crude salt) in China. For more information, visit www.gulfresourcesinc.com.
Gulf Resources Provides Updates on its Business Operations February 22 2022 - 08:30AM GlobeNewswire Inc.
Gulf Resources, Inc. (Nasdaq: GURE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China today provides updates on its business operations. Bromine & Crude Salt Facilities Reopening
On Dec. 27, 2021, Gulf Resources announced that the government of Shouguang City had ordered the closing of all bromine facilities during the period from December 28, 2021 to February 21, 2022. The Company believes the seasonal closure is part of governmental plan to curb winter air pollution and improve the efficiency of brine resources.
On February 21, 2022, Gulf Resources reopened its four operating bromine and crude salt facilities. It should take the Company 3-4 days to test its equipment and begin production. The Company expects production to quickly ramp up to the levels achieved prior to the shutdown.
Bromine prices continue remaining very strong. By the time of the shutdown, the price of bromine was RMB53,451. As of February 17, 2022, the price of bromine was RMB59,000 per tonne. (Pricing data from www.sunsirs.com.)
Update on Shouguang Yuxin Chemical Industry Co. Ltd. ( the “Yuxin Chemical”)
While the Company did not receive a formal notice from the government regarding the electricity needed for its Yuxin Chemical factory, discussions with the government have convinced management that the electricity restrictions are being eased. Accordingly, the Company has contacted its suppliers and will have the remainder of the equipment produced and delivered, so the Company can complete installation and begin testing and trial production.
About Gulf Resources, Inc.
Gulf Resources, Inc. operates through three wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited ("SCHC"), Shouguang Yuxin Chemical Industry Co., Limited ("SYCI"), and Daying County Haoyuan Chemical Company Limited (“DCHC”). The company believes that it is one of the largest producers of bromine in China. Elemental Bromine is used to manufacture a wide variety of compounds utilized in industry and agriculture. Through SYCI, the Company manufactures chemical products utilized in a variety of applications, including oil and gas field explorations and papermaking chemical agents, and materials for human and animal antibiotics. DCHC was established to further explore and develop natural gas and brine resources (including bromine and crude salt) in China. For more information, visit www.gulfresourcesinc.com.
Forward-Looking Statements
Certain statements in this news release contain forward-looking information about Gulf Resources and its subsidiaries business and products within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. The actual results may differ materially depending on a number of risk factors including, but not limited to, the general economic and business conditions in the PRC, future product development and production capabilities, shipments to end customers, market acceptance of new and existing products, additional competition from existing and new competitors for bromine and other oilfield and power production chemicals, changes in technology, the ability to make future bromine asset purchases, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks factors detailed in the company's reports filed with the Securities and Exchange Commission. Gulf Resources undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
CONTACT: Gulf Resources, Inc.
Web: www.gulfresourcesinc.com Director of Investor Relations Helen Xu (Haiyan Xu) beishengrong@vip.163.com
Gulf Resources (NASDAQ:GURE) Announces Conference Call to Discuss Historic Decision of Aligning Shareholders’ Interests with that of Management November 08 2021 - 08:30AM GlobeNewswire Inc.
Gulf Resources, Inc. (Nasdaq: GURE) ("Gulf Resources", "we," or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced a conference call to discuss the new compensation program initiated by the Company to align the interests of its Chairman and senior management with that of its shareholders. For several years, the Company has been dissatisfied with its financial performance and with its inability to take cash from China to pay dividends and buy back shares. It has been seeking a way of attempting to align the interests of its shareholders with that of its management.
The Company has created a new compensation program, that includes:
The Chairman and top three executives repay most or all of their cash compensation earned during the past approximately 11 ½ years. The Chairman and CEO receive no cash compensation. The COO and CFO have their cash compensation reduced by approximately 82%. In exchange, the top executives, but not the Chairman, would receive shares of stock. By repaying most or all of their cash compensation for the past approximately 11 ½ years and reducing or eliminating their current cash compensation, senior management will only do well if the price of the shares of Gulf Resources does well.
Conference Call
Gulf Resources management will host a conference call on Wednesday, November 10, 2021 at 08:00 AM Eastern Time to discuss this new compensation program.
Mr. Xiaobin Liu, the CEO and Mr. Min Li, the CFO, of Gulf Resources, will be hosting the call. The Company's management team will be available for investor questions following the prepared remarks.
To participate in this live conference call, please dial +1 (888) 506-0062 five to ten minutes prior to the scheduled conference call time. International callers should dial +1 (973) 528-0011.The Entry Code is 692204.
The webcasting is also available then, just simply click on the link below:
www.gulfresourcesinc.com/news-28.html
A replay of the conference call will be available two hours after the call's completion during 11/10/2021 11:00 AM ET - 11/15 /2021 11:00 AM ET. To access the replay, call +1 (877) 481-4010. International callers should call +1 (919) 882-2331. The Replay Passcode is 43632.
About Gulf Resources, Inc.
Gulf Resources, Inc. operates through three wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited ("SCHC"), ShouguangYuxin Chemical Industry Co., Limited ("SYCI"), and Daying County Haoyuan Chemical Company Limited (“DCHC”). The Company believes that it is one of the largest producers of bromine in China. Elemental Bromine is used to manufacture a wide variety of compounds utilized in industry and agriculture. Through SYCI, the Company manufactures chemical products utilized in a variety of applications, including oil and gas field explorations and papermaking chemical agents, and materials for human and animal antibiotics. DCHC was established to further explore and develop natural gas and brine resources (including bromine and crude salt) in China. For more information, visit http://www.gulfresourcesinc.com.
Forward-Looking Statements
Certain statements in this news release contain forward-looking information about Gulf Resources and its subsidiaries business and products within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. The actual results may differ materially depending on a number of risk factors including, but not limited to, the general economic and business conditions in the PRC, the risks associated with the ongoing impact of COVID-19 pandemic, uncertainties associated with obtaining governmental approvals, future product development and production capabilities, shipments to end customers, market acceptance of new and existing products, additional competition from existing and new competitors for bromine and other oilfield and power production chemicals, changes in technology, the ability to make future bromine asset purchases, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks factors detailed in the Company's reports filed with the Securities and Exchange Commission. Gulf Resources undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
I like these guys for transparency. Please note they will have a new website in a week. And also note the higher prices for bromine.
Gulf Resources Updates Investors on Impact of the World & Chinese Economy on Business Operations October 20 2021 - 08:50AM GlobeNewswire Inc.
Gulf Resources, Inc. (Nasdaq:GURE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today updated investors on the impact of issues in the world and Chinese economy on its business operations. Bromine prices have risen substantially throughout the world and even more substantially in China. In the world market, shipping issues have disrupted delivery. As a result, China has been unable to import its normal share of bromine.
With the shortage in supply and demand, prices of bromine have soared to the highest levels ever recorded. As illustrated by the chart below (source:sunsirs.com) bromine is currently priced at RMB 69,500 per tonne, an increase of 41% in the past few weeks and 148% higher than the end of the 3rd quarter in 2020.
Since the raw material price increases are lower than the bromine price increase, we believe this type of pricing should be good for our Fourth Quarter 2021 profitability.
The Company has no idea how long the current shortages will last, however, we will keep shareholders informed of any changes we have seen.
The world and Chinese economies have been impacted by supply chain issues in many industries including the energy industry. Shipping shortages have disrupted delivery of many products throughout the world. China has also been impacted by shortages of energy. For example, in some regions of China, the government have restricted electrical usage, including Shouguang City. And some businesses under construction have been restricted from electrical usage in Shouguang City.
The supply chain issues as well as the electric restrictions have delayed the production and delivery of some equipment to the Company‘s new chemical factory. In addition, the Company’s new chemical factory has also been restricted from the electrical usage. This means the installation, timing of testing and beginning trial production at the chemical factory will be delayed. At this time, the Company is not in a position to determine the extent of the delays, but it will keep shareholders advised.
Website As some investors may have noticed, our website has been down for the past week. Our company is committed to improving investor relations. As a result, we are in the process of introducing a rebuilt website. The transition from the old website to the new website will require approximately one more week. We look forward to sharing our new website with investors.
About Gulf Resources, Inc.
Gulf Resources, Inc. operates through three wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited ("SCHC"), ShouguangYuxin Chemical Industry Co., Limited ("SYCI"), and Daying County Haoyuan Chemical Company Limited (“DCHC”). The Company believes that it is one of the largest producers of bromine in China. Elemental Bromine is used to manufacture a wide variety of compounds utilized in industry and agriculture. Through SYCI, the Company manufactures chemical products utilized in a variety of applications, including oil and gas field explorations and papermaking chemical agents, and materials for human and animal antibiotics. DCHC was established to further explore and develop natural gas and brine resources (including bromine and crude salt) in China. For more information, visit www.gulfresourcesinc.com.
Gulf Resources Announces Receipt of Final Approval for Construction of its Shouguang Yuxin Chemical Factory GlobeNewswire GlobeNewswire•May 27, 2020 SHOUGUANG, China, May 27, 2020 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (NASDAQ:GURE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt, specialty chemical products, and natural gas in China today announced it received final approval for the construction of its new Shouguang Yuxin Chemical factory on May 25,2020 due to the COVID-19 in China and the Company commenced the construction at Bohai Marine Fine Chemical Industry Park, Shouguang City on May 26, 2020.
The Company expects that it will take approximately one year to complete the construction and additional 6 months to complete equipment installation and testing. The Company currently expects to begin trial production at the new factory at the beginning of 2022.
Shouguang Yuxin Chemical plans to focus more on producing higher margin, bromine-based pharmaceutical intermediate products and intermediates for disinfection product.
Bromine products play a very positive role in protecting and treating diseases, such as the COVID-19. These products are used for both sterilization and treatment.
The main disinfection products include Dibromohyne disinfectant and Bromochlorohyne disinfectant.
The main drugs used in the treatment of diseases in China include bromhexine, ambroxol, cotrimoxazole and cephalosporins.
In addition, since bromine ions have the ability to decrease the sensitivity of the central nervous system, they are used for ingredients in sedatives, anti-epileptics, and tranquilizers. They are also used in treatments of heart problems, thyroid hyperactivity, pneumonia, and cocaine addiction, among others.
The Company believes that the use of bromine in producing intermediates for disinfection product and bromine-based pharmaceutical intermediate products will offer it significant opportunities to build this high margin business.
Maybe you need to dig into this a little further. Larger companies have much more chance of being influenced by government, and that’s what this bill is aimed at.
No not going to happen, I think Bill is really going after larger cap Chinese companies. Personally I don’t see this happening, will probably be challenged on a legal front.
Gulf Resources, Inc., together with its subsidiaries, manufactures and trades in bromine and crude salt products in the People?s Republic of China. It operates in three segments: Bromine, Crude Salt, and Chemical Products. The Bromine segment provides bromine used in brominated flame retardants, fumigants, water purification compounds, dyes, medicines, and disinfectants; and bromine compounds for industry and agriculture, as well as to form intermediates in organic synthesis. The Crude Salt segment offers crude salt for chemical, food and beverage, and other industries. The Chemical Products segment manufactures and sells chemical products, such as hydroxyl guar gums, demulsified agents, corrosion inhibitors for acidizing, bactericides, chelants, iron ion stabilizers, clay stabilizing agents, flocculants agents, remaining agents, bromopropane, additive products, solid lubricants, polyether lubricants, benzaldehyde dibromide, chlorantraniliprole, and expanding agents for oil and gas field exploration, oil and gas distribution, oil field drilling, wastewater processing, papermaking chemical agents, and inorganic chemicals. The company is also involved in the research and development of commonly used chemical products, as well as medicine intermediates. Gulf Resources, Inc. is headquartered in Shouguang, the People's Republic of China.
Shaping China's Bromine and Specialty Chemical Product Industry Gulf Resources is a leading provider of bromine, crude salt and a portfolio of various specialty chemicals throughout China. Our products are necessary components for China's flourishing oil and papermaking industries.
"We are a class-one certified supplier of oil and gas exploration chemicals for China's two largest oil and petrochemical companies, China Petroleum & Chemical Corporation (SINOPEC) and PetroChina Company Limited (CNPC). In addition to major oilfields, our chemical products are distributed primarily to China's largest domestic papermaking manufacturers."
"We have recently successfully developed and commenced production of environmentally friendly oil and gas exploration chemicals. The production process includes more sophisticated filters and purification techniques, generating a less harmful end product and less toxic residue."
The Company operates through its two wholly-owned subsidiaries: Shouguang City Haoyuan Chemical Co. Ltd (SCHC), which primarily produces and distributes bromine and crude salt; and Shouguang Yuxin Chemical Industry Co. Ltd (SYCI), which focuses on manufacturing and selling chemical products.
SCHC produces and distributes bromine and crude salt in China. SCHC is one of few licensed bromine producers and is the largest in China and fourth largest in the world. Elemental Bromine is a chemical element that is used in the refrigeration, pharmaceutical, agrochemical, and oil field industries. China's domestic market is large and growing and the country currently produces roughly 80% of all the bromine consumed domestically. Gulf Resources expects to capitalize on the growing demand for bromine with its access to non-reserve mineralized materials in Shouguang, China.
SYCI produces and distributes chemical products and agents used in oil and gas field exploration and distribution, oil field drilling, and in the papermaking industry. The company services large customers such as SINOPEC and China National Petroleum Corporation. A strong customer base, material growth drivers and proprietary product introductions provide a diversified platform for growth.
Gulf Resources’ common stock started trading on the NASDAQ Global Select Markets in October 2009.
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