Sanergy Group Ltd. (HK:2459) has released an update.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Sanergy Group Limited reported a significant decrease in revenue, down 26.5% for the first half of 2024, compared to the same period in 2023, amidst a challenging economic landscape affecting the steel industry. The company experienced a gross loss of roughly $8.1 million due to lower selling prices for graphite electrodes and a strategic de-stocking effort that reduced inventory levels by over 20%. Despite these setbacks, the company is diversifying with a new investment in graphite anode materials, marking a strategic shift to capitalize on the European new energy market.
For further insights into HK:2459 stock, check out TipRanks’ Stock Analysis page.