Recon Technology, Ltd Reports Financial Year Results for Fiscal Year 2024
Financial Performance Overview: Recon Technology, Ltd reported a 2.6% increase in total revenue to RMB68.8 million ($9.5 million) for the fiscal year ending June 30, 2024, with gross profit rising to RMB20.9 million ($2.9 million) and a reduced net loss of RMB51.4 million ($7.1 million), down from RMB61.4 million ($8.5 million) in the previous year.
Future Growth Prospects: The CEO highlighted opportunities for growth in the oil industry as China's investment continues, with plans to expand into broader energy sectors, including carbon-zero initiatives and chemical recycling, while also anticipating increased business volume in oilfield services.
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Recon Achieves Milestone: Construction of Chemical Recycling Plant Completed as Project Approaches Production Start
Project Milestone: Recon Technology Ltd. announced the successful topping out of its 40,000-ton-per-year waste plastic chemical recycling project in Shandong, marking a significant step towards equipment installation and commissioning.
Investment and Returns: The company has invested over $15 million into the project, which is expected to generate annual returns of approximately $30 million upon full completion by November 2025.
Technological Innovations: The project utilizes advanced technologies including a dual-process approach of catalytic pyrolysis and catalytic reforming, aimed at enhancing the value of pyrolysis oil produced from difficult-to-recycle plastic waste.
Future Goals: CEO Yin Shenping emphasized the commitment to establishing the facility as a leading benchmark in plastic recycling, focusing on operational efficiency, environmental performance, and compliance with international sustainability certifications.
Analysts’ Opinions Are Mixed on These Energy Stocks: ARC Resources (OtherAETUF) and Recon Technology (RCON)
ARC Resources Analysis: Analysts maintain a Buy rating on ARC Resources with a price target of C$32.00, indicating a strong buy consensus and potential upside from current share prices.
Recon Technology Rating: Recon Technology receives a Hold rating from analysts, reflecting a cautious outlook with no significant growth expectations.
