Welcome to our dedicated page for Gulf Resources (NV) news (Ticker: GURE), a resource for investors and traders seeking the latest updates and insights on Gulf Resources (NV) stock.
Gulf Resources, Inc. (NV) Common Stock (symbol: GURE)
Gulf Resources, Inc., headquartered in China, is a prominent holding company engaged in the manufacture and trade of bromine, crude salt, and natural gas. The company also produces and sells chemical products used in various industrial applications, including oil and gas field exploration, distribution, drilling, wastewater processing, papermaking, and antibiotics for both humans and animals.
The company operates through four primary segments:
- Bromine: Used in flame retardants, fumigants, water purification compounds, dyes, medicines, and disinfectants, this segment generates the most significant revenue for the company.
- Crude Salt: Produced as a by-product of bromine, used in various chemical processes, and for direct sale.
- Chemical Products: Includes products for oil and gas exploration, papermaking chemicals, and materials for antibiotics.
- Natural Gas: Primarily focused on the exploration and development of natural gas resources.
Recent news highlights the company's robust initiatives. In response to the severe impacts of Typhoon Winbiya in 2018 and Typhoon Lekima in 2019, Gulf Resources has launched a comprehensive flood prevention program. This initiative, costing over $50 million, aims to safeguard its bromine facilities by renovating river channels in their mining areas, thus mitigating future flood risks.
Despite facing a significant decline in revenue in Q3 2023, with a 74% drop to $5.9 million primarily from the bromine segment, the company remains financially stable. As of September 30, 2023, Gulf Resources reported a cash balance of $103.8 million and net cash of $85.6 million, which translates to $9.95 per share in cash and $8.21 per share in net cash.
Gulf Resources 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 is recognized as one of the largest bromine producers in China, leveraging its chemical manufacturing capabilities for a variety of industrial and agricultural applications.
For more information, visit www.gulfresourcesinc.com.
Gulf Resources (Nasdaq: GURE) announced its fiscal year 2022 results, revealing a 20% revenue increase to $66,094,486. Gross profits rose 34% to $37,425,334, while operating profits surged 216% to $16,481,696. The company reported a net income of $1.00 per share, recovering from a loss of ($0.09) in 2021. Despite a significant foreign currency adjustment of ($24,886,118), cash on hand improved by $12,458,951 to $108,226,214. The bromine segment continued to perform well with a 21% revenue increase, while the crude salt sector showed a return to profitability. Management highlighted future growth potential despite current challenges.
Gulf Resources, Inc. (Nasdaq:GURE) will host a conference call on April 3, 2023, at 08:00 AM ET to discuss its Q4 and Fiscal Year 2022 results, which ended December 31, 2022. CEO Xiaobin Liu will lead the call, followed by a Q&A session. Participants can join via phone or webcasting. A replay will be available two hours post-call, expiring April 10, 2023.
The company operates four subsidiaries focusing on bromine, crude salt, and specialty chemicals, positioning itself as one of China’s largest bromine producers.
Gulf Resources (NASDAQ: GURE) provided an update on its Yuxin Chemical Factory, reporting substantial progress in construction and equipment acquisition. Key refrigeration and air compressor units have been received, although delays in environmental equipment deliveries persist due to COVID-19 and heightened governmental safety regulations. Despite potential future delays, the company believes these will not impact long-term sales or profits. Once all equipment is installed, expected timelines include 3-4 months for installation, followed by testing for 2-3 months, application for approvals, and a further 4 months for trial production before starting commercial operations.
Gulf Resources, Inc. (Nasdaq: GURE) has announced the reopening of its bromine and crude salt production facilities in Shouguang City after a temporary closure mandated by local government from December 10, 2022, to February 1, 2023, to address winter air pollution. The company confirmed that it took three to four days post-reopening to test equipment before resuming production. Gulf Resources is among China's largest bromine producers, with operations spanning multiple subsidiaries that specialize in chemicals and natural resource development.
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