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Kingdom Holdings Limited ( (HK:0528) ) just unveiled an update.
Kingdom Holdings Limited has issued a profit warning, indicating a significant anticipated loss for the year ended December 31, 2024, compared to a net profit in 2023. This financial downturn is attributed to an increase in global flax cultivation areas and the subsequent drop in raw material and flax yarn prices due to oversupply. The company expects to recognize an inventory impairment provision of approximately RMB200 million, which will impact short-term performance. However, the management remains optimistic about the long-term prospects of the flax industry, believing that the price adjustments will ultimately lead to a more sustainable industry environment by stimulating demand and balancing the supply-demand relationship.
More about Kingdom Holdings Limited
Kingdom Holdings Limited is a company based in Hong Kong, operating in the flax industry. It is involved in the production and sales of flax-related products, focusing on the cultivation, processing, and distribution of flax fiber and yarn.
YTD Price Performance: -4.29%
Average Trading Volume: 2,304
Technical Sentiment Consensus Rating: Strong Sell
Current Market Cap: €89.03M
See more insights into 0528 stock on TipRanks’ Stock Analysis page.