Q1 2021 Gulf Resources Inc Earnings Call
Okay.
Greetings and welcome to the Gulf Resources, 2021 first quarter earnings conference call at the.
The Sun all participants are in a listen only mode. The question and answer session will follow the formal presentation, depending on once you require operator assistance. During the conference was supposed to start zero on the telephone keypad cause of Roma.
This conference is being recorded.
I'd now like to turn the conference over to your host Helen Zhu.
Director of IR.
Thank you all break out the Bonnie ladies and gentlemen on the cause of even through all of those of you joining us from China and the we like to work on all I'll do the two properties salty first quarter of 2016.
I mean its conference call on pilots.
I got that debt.
The problem of C of O U S.
Xiaoping you also try it's called T bolt on.
COVID-19 to Oh.
Our making that.
This call so the Madison Bank statements during the call will contain forward looking information about coffee shockey comprehension.
And the extent of C.
C D E.
On the product line.
For you why can decide on their support of peak.
93.
You sort of UBS.
Cash six under the Securities Exchange Act of the 19th Turkey for Oh.
As of get through the top of Craig He buys those for you.
Actual results may differ from results discussed today, taking into account the number of weeks that's it.
Including but not limited to the chinoy economics on the business conditions in the PRC.
The south shaky, we know all the 19th Danny out suites.
The Osha part that doesn't match on the production.
The image.
Shipments of two and cost the much market.
Range of new.
The product addition of competition from existing and new companies share from that from the other.
Production chemicals.
Changing technology, our ability to make a few trouble on the outfits and the various other factors beyond the company's control of.
All forward looking statements are expressly qualified in the entire I guess.
Cautionary statement on the risk factors detailed the lead the company through the policies. So that we have.
Oh, I see golf and the South East assumes no obligation to revise or update any forward looking statements to reflect events also chimpanzees.
The state of the scope.
Accordingly, our company for my expectation is for.
Like the New York for looking statements are reasonable.
They're kind of no ashamed of such will prove to be.
Correct.
In addition, and the reference to the Companys future performance.
The present managements estimate as of today, the 18th of May 2010 per watt.
For those of you on April two Nathan till the end.
Part of the call at this time.
The net will be available on the company's website the courts accept both two of the webcast on.
On the building.
He has to go through our website. So please locate the our press release issued earlier for the details.
Before kind of the call although some of it for you I want to place our first quarter of some 2022 of patents on the REIT in the complex.
First quarter of 2020, I spent 21 were both significantly impacted by the down the false closures related to ridden terabytes of and Chinese new year, Yes, we're done on the one off that's true the workload from December of 252022.
February 19 2021.
In addition, even though the sexy workload for the majority of the period the company still had to pay salary range and income depreciation and amortization of either one of.
The company had the most of the one month of production and the three miles of overhead.
I do ship. The company also you can cut the substantial cost for the effect of Nicki Yeah. It was still closed.
Finally, because the on the process of Salt Creek Til Night vision, one is always the slowest feed them co Coos Socs for protection.
Now that can put on the call are Mr. Li on.
For some opening remarks, they'll Don yeah each of them.
Yeah.
Possibly on the highway.
I don't know, what's it going through for you for the new shows the endpoint.
Comes out for them.
Of our union pay to do that for about equally.
Keep on going for your for that show through and on top of that you can grow at the top of that sits on the country. The Io.
Many of my friend got here for shop book.
Uh huh.
Isn't that the right so she's on.
All of them at home I think that yes, I don't go on.
So kind of gone comp yeah, yeah, that's probably true.
You bet.
I'm going for handling all the time.
It sounds like the kind of thing.
Some of that sense of what May end up for you.
Jim Neal.
So is there going on for forgot Hill's we're going to talk about share.
She was without good they're getting used to think of it.
Gulf of free time look on the real right.
Do you sort of gone for the Chicago.
Well it means that the arts you do touch on yet, but they were down for sure you meet.
So that you know about the Aha come on at the highlight.
So he knows the sent to you.
Yeah, I will do the translation on the flu so the central had of and shopping on the feel of the company first of all I like to welcome all of you choose the coffee South East I mean.
Please call for the first quarter of 2021 Big price all of the fall off of you can rami and Couche on specialty tea the close so on the job of the cortex.
It's the only other broadening of course, a fascinating of waiting for government approval of the chemical factsheet on the construction and the Sichuan factors affecting the kids also awaking them with the approval our company was still able to of generally get sweep on suite of median.
Your free cash flow.
Our fourth as it hits the fully operational on the weak bromine price is nearing the cogs level.
We have very of teach me cheap debt, our second quarter of a full year two of them for me one will be profitable even at our other fashion to teach the admin costs.
So now let's look at that started the catch them all of the results for the quarter, which I believe we are outside of the.
Most of the questions when we see problems of the company getting back towards the equity.
Firstly that the will pay the balance sheet just tight due on how yes on closure of most of affecting the teeth.
Impact of Typhoon Lekima the mall.
Most of the truck to pipe on average to hit China.
Oh, all of constructing our new chemical factory.
Cost of drilling new wells on the all of the costs related to new government the environmental policy on.
The balance sheet remains in excellent shape.
Company ended the first class on the.
Cash of $96 7 million all of that.
Approximately $9 six of seven cents per share net net of cash at cheap cash minus all liabilities of.
76 $4 million.
Pardon the assets, what kind of check for plastics median.
Well I guess current court denied any piece of 10 5 million.
What's the textile equaled 90 full of Pine one union.
Yeah all of those.
The key equal.
He called for 272, I'm, sorry, the media.
We have no capital to finish the construction of our chemical plant on.
On all of the many brought on me.
And the cool suspension of Nicky.
10 of our nature of debt.
And the blindfold checking subtract, making acquisition and the make come see makes sense you guys taking other actions.
We will have the price of the company's share now lets turn for the income statement that the revenues for Q1 2021 increased by 840 suite of placing teach two of five 1 million compared to 577000 in the previous year. The company had two.
So the Chi the operating yeah, 2020, and the focus of cheap even the I put that until the one in the appeal of it which we will operate in yet for them to be one.
All sections of the produced the positive is that cost of goods sold you can be a 2021 was 79, 5% of.
Compared to 165 per say and you've got previous yet.
Ablation, what she'd posture of media.
Well part of H D D.
The net loss was two five I think all that sort.
Finally, the other.
Loss per share was <unk> five set what's the.
The 37 six.
Several factors come she'd be on teach would be the losses.
Firstly, because the only our full size of the keys were opening up all kinds of.
Companies tend to probably $6 million of direct labor in the factory overhead costs compared to $3 6 million in 2020 for faculty keeps net well close junior.
General and administrative expenses increased to 892 of my $9000 and the.
Judge of which was related to.
Unrealized foreign currency translation loss compared to a gain in the previous year.
The other costs of close the factory depreciation and amortization on the foreign currency losses caused for the company to report out of Love The company generated free cash flow in the call per net cash from operating activities was sitting on sort of media we had no cash.
The expenditure that could mean.
Free cash flow like the auto Super C media dollars.
The impact of the change in exchange rates was the net Pete.
$865000.
Now, let's look at our operating segments Romney well need revenue increased 19% non person two full points eight moving from 470 $363000.
But on the in production increased to 955 total compared to I'm, sorry, 'twenty, two tone and the increase of 683% the average price increase.
The increase of just 3% to $5 in the trucking seven all of that price come from 3007 of 94.
On the people in the past 19 per 10 months for omni path.
The increased sharply.
He was the right type.
Two of them 20, bromine prices are up 52 per cent.
Thank you.
First quarter of bromine price each had been off of 15%.
The prices are important factors I should be true true our puppy could be T. L.
We do not know were well on the pricing the deal in the future. We're very encouraged by the strong price increase.
The building the culture the utilization of this nature.
I'll broaden the fact sheets was 17%.
Of note each of statutes, where coke until February 19.
2021.
The path to convenience so called action.
The second quarter on quarter.
For the first quarter of the primarily of note is whether the government will again south of winning telecom closure.
If it does the closure of these are likely to be about 10 days earlier than last year.
As a potential sales lost in the fourth quarter of likely to be offset by higher sales in the first quarter of.
2022 the.
Most of all of them nicely on the out of me.
We have no way of knowing if the gun on the deal.
The next another win per shot, though I think we are trying to be conservative.
Now, let's look at Who's got the second bench.
<unk> revenue increased 370, the city cousin teach to 448000 crore the.
Because the effect is we're all kind of for a short period of pets and because mining crew. So I think you have been very difficult.
First quarter of revenue in both years on.
Nothing that is sick of me if you can't.
Non police.
As of as bromine who's on the profitability was impacted by overhead and close the second piece.
Two of our knowledge of.
And Dom on Ts cards and the continued.
To finalize the planning for all mining areas.
Yes for prevention of alert they continue to be optimistic that the three will receive permission to open our remaining two effects of factory true.
Should we receive approval we may have to make some modification to the factory.
Monthly cash.
Continue to be optimistic about the effect, especially key unfortunately, we cannot make any estimate on timing.
We are not currently considering an acquisition of bromine and crude salt segment with the power of the high price bromine price he operating companies I'm not I'm sure for sale.
On this field development is planning on the environmental standards.
I'm not willing to risk of tagging of present the key that's not have can be a part.
The operation.
Our goal is to protect the hour capsule from our shareholders kind of course settlement, we have no news from chemicals in the first quarter. The loss in all 10 of the settlement worse. Several income drove the 46 the claim that doesn't all of that we are making.
Excellent progress in the construction of new chemical factory.
We estimate that the relocation process.
It will cost approximately $64 million of.
The common who had the already incurred costs of $35 6 million.
Comprising prepay the net lease cross section of the the nature related to that these value of the new chemical factsheet her choice of plant and equipment.
Construction costs on the interest they don't they shouldn't cost most of the after the amendment ex can be true.
Part of the India 2021.
We continue to be the construction will be completed.
On the off take some quarters all of you immediately thereafter once construction is completed.
Yeah, so the machinery and the test of equipment during the remainder of the year.
Ex Pat to begin trial production by the start of year 2022.
That would be for meals actually would be small all of that was on the pump line too.
The company ex pets.
To make the Ohio net profit margin.
The company plans to focus on higher margin.
It's on the C. A T cleaned immediately of protests.
We are very optimistic by the progress we are making on constructing our new factory lately, you'll continue to post photos on the company website. So you may start to come check the progress of the construction of the chemical factory.
I guess, that's true open on production has again, we'd like to have the Investor day to show you on Mexico.
Tim.
And our new affection.
Now, let's look at the matriarch Gert.
And the segment, we have no revenue in our natural gas segment in the first called for.
Our natural gas business lost approximately 50.
To keep the bolt on the $80000 in the quarter.
We are working on each garment of.
Both on site and comedy and Sichuan Province in China currently on.
On the plan to proceed with our application for the nature of cash on the.
The brine project approvals with the related dominant the department after you're done that has some of like the month on the result is planning for Sichuan Province.
As.
We have noted previously the are important the gas discoveries in Campbell the town <unk> country natural gas ease of cleaner fuels and cope 10 day eight in the supply of natural gas at contango to be optimistic about the approval for our project.
On natural gas can be nice.
Currently include three wells on.
Michel will they'll keep the edge of pinball.
Combat income piece of <unk>, probably seen China and tour on those.
Maybe the nearby locations.
In addition to Nitro gas.
The company also plan.
<unk> two project volume and such.
We have found huge concentration of bromine subtract however, because the our with our mountain or does it have to be ready for additional plants for the handling of course on and it makes the water.
The guidance.
Because of the closure of yeah first of all that the company believes can be useful tool Oh for guidance.
For the second call the and.
<unk> 'twenty, one digital yet for the.
Second quarter of the comedy.
Estimates, it's Matthew annual will be in the range of cash.
Moving down to 14 millions on the Mexico will be ex to make it to be in the range of 2 million in Ghana for a two part for me and one of these out you can see the early.
Non operational factors.
For the full year for them to me one of them.
On the estimates for net revenue, we won't be in the range of $45 million out of 247, and all of that and Mexican pounds will be in danger of full time $2 million and for home phone is on the without the countries. The read now okay, you shouldn't affect the.
These estimates include only revenue from the false as the Chinese.
Currently in operation No estimates revenue, including the for from the remaining through the bombing of course outside of the peak like Neil Technical section on the construction.
Oh, the natural gas on the bright bold championships.
In addition is the estimate I'd see on Guam and price could decline from the current metals and that the government to view of.
Game.
The 10 protection for the winter season, and the Chinese new year holidays.
The call the 2020 Chinese company to two of them told me to Chinese new year net.
None of them based on the ozone.
On the yes was on 21 Chinese new year the college.
You may have more of a patch on the.
The first full quarter of year, two pods of one.
I've compared for the same quarter of all forget too that in 'twenty.
The first quarter of two of them tell me too for the benefit from the additional day.
We do not know Romeo received approvals for our closed effective T cell for AP Oh, you could go down then we will again, it's also been the closure, but we believe that we should be and conservation as possible.
Sure Doug the nation.
And you can see debt the company has to be working hard to upgrade and update its website. We plan to have either completely updated this quarter.
We intend to continue to be very active in communicating with shareholders.
As we noted we plan to have a conference when our chemical factory Okay.
We are also considering either in person and the virtual events.
We are exploring various technologies, we can't get Tonight.
Now, let me turn the call back to me for shopping.
For closing remarks.
Is that each of them.
Yeah.
Uh huh.
Hey, you're going for.
Gotcha do wish on many of the time for you to where many of our smoking Army on Union guys, who do Kurt line.
When you go down for the kids unique.
Uh huh.
Physical most of the parking com are you sure.
For the Hawk how are you.
Well many of you see that sort of you've got hunting the army on younger kind of weird.
Yeah.
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I found on the amount to the insurance book.
For the for the.
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Bumpy shows what huh.
On the someone comes on.
Oh come on or the coding the going through the first half of that appeal.
Got you don't take on turnkey.
What's the angle for you all to attend cheap it lot of making the 17 crazy on that central from Tom Keiser, Our book onto the ships, which are being of Pfizer gone for pet.
For kind of year.
Well many of the 17 codell problems on the same you for sure going for the general playful and then the changing the openings for sure you meet.
He's on going for you on I think the problem child.
The game, which I'm going to be sure for Tom Harkins.
Agenda could you kind of seen conduct.
But.
Women don't the current how does the cash for going for well I want to end of guidance you are being homecourt for sure that's true switching or don't come on.
I don't agree with them on Creek on the Harker.
Got you on looking for.
Oh, the sends out what the kind of pockets.
On the handler.
Thank you I'm sorry.
So based on the strong results in the first half of the second quarter.
I have confidence that the I'll call the anesthesia call yeah.
Most will be profitable is the pulse check on the opening of them off of all chemical sachi.
Some of our other kinds of cheap knockoffs.
For two and strong financial results on the prevent any true over the past three and half of it.
We have struggled with is the closure of all of the authenticity of G suite of environmental remediation of U S textile half of that came on.
Even with all of Us ecology.
Our balance sheet remains very strong.
We have almost $97 million Apache each can be used to build our chemical Vinci Oakland, our close essentially piece and did that if all of this nature to trough. We saw also believes that the ease of exception of the menu and the trigger for all chemical factory.
The pen to generating free cash flow and the view of.
She has puppies.
Q I believe we have visibility on the timing of production on our chemical factory.
And the opening of closed the sensitivity.
The company will present to the message.
Our five year plan for.
Our growth and development in future.
On the company. We also opened nine virtual event, so share Oh does come back I know and appreciate the company.
Now that's the old times for the Q and Q a section titled Breaker.
Sure.
Thank you.
We'll now be conducting a question and that's the recession.
If you would like to ask a question. Please press star one on your telephone keypad. The confirmation tone will indicate that your line is in the Q you.
You May press Star two if you would like to remove your question from the queue.
Participants using speaker equipment, the maybe necessary to pick up your handset before pressing the starches one of them.
The please poll for questions.
[noise]. Our first question is from COVID-19 one switch.
The retail Investor. Please proceed.
Yeah.
Hi, Helen.
Keegan Ed.
One question for you so of Gulf resources repurchase shares and 20 of 11 2014 and 2015.
The company has $97 billion free cash and if I'm interpreting the latest 10-Q correctly. It will take $28 five the rain to finish the chemical factory, leaving a large amount of cash remaining.
Given the shares are so undervalued from a shareholder equity perspective, and we expect a strong second quarter can we returned of purchasing shares repurchase insurers would provide significant investor confidence in the company's financials.
Yeah.
Okay.
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Harsh if you want to either go on so much I'm Josh on the go through of she doesn't mean that it shouldn't be tapped on Yahoo on are going to be easy.
So on that goes right through to that I know of Conagra for Giga pulse coaches all day.
Should we kind of hydrogel that halfway shouldn't have the water shouldn't be that call you talk with them, which I know value should be of younger people got going for sure.
The book.
Yeah.
012 of them needs are for you for a total of Joe which are of high mill called or you go through the kind of where you go you don't want me up on near term on why there wasn't a parcel in Congo, or I shouldn't Egencia E G.
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I see.
Uh huh.
The changes you're doesn't guidance do you shouldn't guidance share of Cortina.
Sure the high up on going on what might've for kind of jumbo non book strategy.
Yes.
Hi, Keith.
Kitchen of the sorry.
So they take this question.
Material savings question on the comedy always students 92 hours of investors that even though of comedy had this cash.
Okay.
And cash, but the sites that exclude the chance for the Etame called Factsheet.
Tom do you also have to get back of the rest of suite for on me and of course on especially keep vacuum operation.
And the first guard.
I'm glad to meet all of the dominance.
And our Sichuan projects, which also need to fund the future company all the pieces of the expand its business by doing acquisition made.
In future.
So firstly.
Company wants to keep enough cash on price for all of the.
And it's normal business operation on the go first.
Okay, I understand can I make a request than I mean for the next 10-Q, two you know put a plan of what it would take to repurchase shares or at least put what you. Just told me in writing and to the 10-Q I think of lot of our investors are watching the the share repurchase pretty closely so.
Well, it's just an idea so okay. That's all for me. Thanks, So on.
Okay. Thank you.
Yeah.
Thank you. Our next question is from Randy Richard a private Investor. Please proceed.
Hey, Alan good morning.
Just a quick question could you expound a little bit just very briefly on why the approvals on the gas and the other factories are taking so long and and maybe explain what all goes into that I realize you're dealing with governmental people, but it sure does seem like it's taken a long.
Tom and as usual I appreciate it thank you.
Okay, I think you're blaming.
Oh, you don't until July of two of the ones you mentioned 19, COVID-19 blended the patchy of all now going to the non go just yet.
Yeah. Thanks, so much the trend change of Xiaomi.
Hi, Okun for Shanghai, the Sun. The she was the trial some of the child. She gets the help me on that.
She of course surrounding for going through that so that's kind of what you've already seen.
I just want make.
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On the phone.
First of all that.
Well the trends in debt that she was on a set back there the on either you for a peaceful.
Q4 rebel piece of shot of that.
Woman.
The trend of meat.
Do you see that kind of on.
Several of them with the which I put the opportunity.
For sure.
Okay.
Is that what's that gave the TSV Joe what's your how you bid on it she and I kind of feel for kind of hop on par.
Okay, Okay on Husky's yet.
So that's the left little catch the Sichuan project.
No par value of that fact of utility explanation on this background and the kind of situations firstly.
In the beginning of the company signed a letter.
The agreement with the county level governments.
That's the time Eaton was a note debt.
Comedy side of the week with Huntington debut of comments he might have meant agreement on the east towards the amount of times in terms of mining.
But they kind of out of China, It's my Chinese mining policy changed after some yes it to me.
Provincial level approval on the pending approval yet.
The company can do mining each one of them.
So he had to temporarily stop it agreed that was previous country never got mentioned two of them.
Now the content level comment the age of organizing all each penny and saw meet its application to provincial governments and the waiting for provincial governments.
The bag approval and approval on it.
This mining.
And the planet.
You see that kind of sits.
Situations.
I hope of ex pain claimed at the community.
Yes. Thank you.
Oh, Okay now next on the Peg the second question on the objective.
We brought on Corso of accessory kit mcniel will explain to the income tissue Yoga line.
I was going on since you're going to have the sugar.
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Okay.
Awesome things.
Okay.
So for the rest of suite.
For all of me and of course, all the specialty piece.
Because.
It's true that Becker in many years of thought the acquisition the company's deep with the sweep by cheese day.
With lower price, but the result, they don't have mining permits for that time line.
Is that kind of dominates the policy I loved it.
Previous it allows it to use one current come on the permits come to mind, but now after some yes. The dominance of policy also changed it to me.
The the deal broaden the especially kids have the H E. B V deal pardon me.
And the effect of much so come on you have to do for each facility.
Plant project plenty of Mandy.
On the protection and the already then.
Well again on 72 damage.
The companys they send to years of ex riding the happiest worth doing this on the upgrade can exacerbate piece, we already get the fault.
Oh for the Apache approval.
So we believe at.
At least the hour continue on what I think the tenants, where you'll get the housing shrink bags of peas approval on the backroom operation.
Because the company, but none of the government is also finalizing the planning for all areas also.
Also including the prevention of the luck.
So he can may take a longer time.
It needs the island protest.
Yeah.
Okay. Thanks, so much.
Youre welcome.
Thank you.
There are no more questions at this time.
Or would you like the would you like to make any closing remarks.
No more question.
No.
Okay. Thank you I, just don't know many of them here at Nike and under on wages for that.
No it's kind of just for backhaul.
Okay guys. Thank you for Kelly close for the call today. Thank you for attending the conference.
The conference call and thank you very much as of now.
Good.
Good morning in the.
Yes, Thank you goodbye.
This concludes today's conference you may disconnect. Your lines at this time. Thank you very much for your participation and have a great day.
Thank you have good day.
Yeah.
Okay.
Yeah.