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.
On December 8, 2022, Gulf Resources (GURE) announced that the government of Shouguang City mandated the temporary closure of its bromine facilities from December 10, 2022, until February 1, 2023, to address winter air pollution. The company anticipates minimal impact on its business for Q4 2022 and the full year 2022, noting that winter typically sees lower bromine sales due to customer closures for the Chinese New Year. This closure period will be shorter than the previous year's.
Gulf Resources, Inc. (Nasdaq: GURE) has announced a stock repurchase agreement, effective November 30, 2022, to buy back 80,000 shares each from CEO Xiaobin Liu, COO Naihui Miao, and CFO Min Li at $3.5931 per share. This decision aims to address investor concerns regarding insider selling that may have negatively impacted the stock's performance. The company acknowledges previous delays due to COVID-19 and geopolitical tensions but remains optimistic about its future and is committed to responding to investor feedback.
Gulf Resources, Inc. (GURE) reported robust financial results for Q3 and the nine months ending September 30, 2022. Q3 revenues surged by 29% to $22.86M, with net income rising 66% to $8.97M. EPS climbed 65% to $0.86. For the nine-month period, revenues increased 39% to $47.51M, and net income skyrocketed 6672% to $12.75M. However, the RMB's decline against the USD negatively affected the balance sheet. The company projects a revenue decline of 19-26% for Q4 due to COVID impacts but expects to exceed annual revenue and profit guidance for bromine and crude salt segments.
Gulf Resources, Inc. (Nasdaq:GURE) announced a rescheduled conference call to discuss its third quarter 2022 results, moving it from Nov. 11 to Nov. 15, 2022, at 8:00 a.m. EST. The change responds to feedback regarding Veterans' Day in the U.S. and the timing's inconvenience for European investors. CEO Xiaobin Liu will lead the call, followed by a Q&A session. Investors can participate via phone or a live webcast, with a recording available for two weeks after.
Gulf Resources, Inc. (Nasdaq:GURE) announced a conference call on November 11, 2022, to discuss its Q3 2022 results ending September 30, 2022. CEO Xiaobin Liu will lead the call, which will include a Q&A session for investors. Participants can join by dialing a toll-free number or through a webcast. A replay will be available shortly after the call until November 18, 2022. Gulf Resources operates four subsidiaries and is one of China's largest bromine producers, involved in manufacturing bromine and specialty chemicals for various industries.
Gulf Resources, Inc. (Nasdaq: GURE) provides an update on its Yuxin Chemical Factory construction in Shouguang, China. The project has faced delays due to supply chain disruptions and COVID protocols. Despite ongoing challenges, progress is being made, with equipment deliveries in motion. The Company anticipates that, once all equipment is delivered and installed, it will take an additional 6 to 8 months to complete construction and receive necessary government approvals before starting trial production.
Gulf Resources (NASDAQ:GURE) reports projected estimates for its bromine and crude salt segments for Q3 and full year 2022. Q3 revenues are estimated between $20.0M and $21.8M, marking a year-over-year increase of 12.4% to 22.5%. Profit before income tax is projected at $9.0M to $10.3M, reflecting a 20.0% to 37.3% rise. For the full year, revenues are expected between $62.0M and $63.7M, with a profit forecast of $20.0M to $21.5M, indicating a growth of 63.9% to 76.2%. The company anticipates production and earnings growth in 2023, despite challenges from COVID-19 and economic conditions.
Gulf Resources (NASDAQ:GURE) has received approval from Shouguang Yangkou Town People's Government to resume production at Factory No. 8. The company plans to upgrade facilities and expects to start test and trial production in Q4 2022, aiming for revenue generation during the same period. This resumption will increase annual production capacity by approximately 20%. Gulf Resources will also release projections for its bromine business at the end of August 2022.
Gulf Resources, Inc. (Nasdaq: GURE) reported strong Q2 2022 financial results, showcasing a 41% revenue increase to $15.71 million and earnings per share of $0.37. Despite production disruptions from COVID-19 and factory closures, overall demand for bromine remains robust, with average selling prices rising to $7,740 per ton. The company anticipates continued growth in revenue and profit as production normalizes and facilities reopen. Cash reserves stand at $79.12 million, underscoring financial stability. Management emphasizes optimism for future profitability.
Gulf Resources, Inc. (Nasdaq:GURE) announced a conference call for August 15, 2022, at 07:30 PM ET to discuss their second quarter 2022 results ending June 30, 2022. CEO Xiaobin Liu will lead the discussion, followed by a Q&A session with investors. Participants can join by dialing +1 (877) 545-0320 (toll-free) or +1 (973) 528-0002 for international calls, using the code 360812. A webcasting link is also available. A replay will be accessible starting two hours post-call, expiring on August 22, 2022.
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