Q1 2022 Gulf Resources Inc Earnings Call
Good day, ladies and gentlemen, and welcome to the Gulf Resources 2022 first quarter earnings Conference call.
At this time, all participants have been placed on a listen only mode and the floor will be opened for questions and comments after the presentation.
It is now my pleasure to turn the floor over to your host Helen Xu Ma'am the floor is yours.
Thank you operator, good morning, ladies and gentlemen, and good evening to all.
All of you for joining us from China, and we'd like to welcome all of you to Gulf resources first quarter 2022.
Conference call.
Yeah, our director our CEO of the company Mr. Shelby Nu.
Also joining us this call.
Today I'd like to remind you to all of ambition.
In this call.
Thank you MS statements during the call will contain forward looking information about coffee solstice and population.
Its subsidiaries business and products within the meaning of the U 175 under Securities Act of 90 <unk> suite.
Due to the cash six under the Securities Exchange Act.
Thank you said before.
As subject to the safe Harbor created by those rules.
Children's out may differ from those discussed today, taking into account a number of risk factors.
<unk>, but not limited to general economic and business condition in the PRC.
Risks associated with the <unk>.
COVID-19 pandemic outbreak.
Future product development and production capabilities.
Shipments to end customers market acceptance of new.
15 products additional competition from existing and new competition from the bromine and other.
Our field and power production chemicals change in technology.
To make future bromine offsets.
The risks as affect us beyond its control all forward looking statements are expressly qualified in their entirety.
Cautionary statements.
The risk factors detailed with the Companys reports filed with the SEC Gulf resources assumes no obligation to revise or update any forward looking statements to reflect events or circumstances. After the date of this call.
Accordingly, our company believes expectations is flagging in those forward looking statements are reasonable.
There can be no assurance of such will prove to be correct.
In addition, any reference to the Companys future performance.
The amendments estimates as of today.
<unk> of May 2022 for those of you unable to listen to the entire call. At this time, a replay will be available at the company's website. The call is also accessible through the webcast and the link is accessible through our website. So please locate our press release issued.
RBR for the details.
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Thank you Mr. Liu.
I will do the translation for Mr. Neil's comments, Jeff now Pete <unk>.
First of all.
Has that been the CEO of the company I'd like to welcome all of you to conference Joseph Army.
Conference call for the first quarter 2022.
Since the year 2017, our company has been forced to deal with new government.
Which involved closing our facilities for environmental planning and the protection and rectification permanently closed three bromine factories and relocating our chemical factory.
Also heat is most destructive typhoon in Shandong Province.
We had been shot at promote dealing with one crisis up.
As a result, we have not being able to provide investors is a framework.
Understand our long term potential now have been able to strengthen.
Hi, Matt.
Hansen, our shareholder value.
Now we are in a position to share our plans with our investors.
Our team is trying to developing a six year plan division by Division full year 2027 before the end of next month, we will put a detailed presentation on our website and host a conference call during which we will review all of our projected.
Assumption.
Ill now will demonstrate the earnings potential for our company.
And we believe investors will be pleased.
Because given our presence in this plan. So we will not progress second quarter of <unk>.
Full year guidance on this call for year 2022.
However, our company is positioned to profitable operations in coming quarters for this year.
Now, let me turn the call over to Helen to review the first quarter of two down something too.
So thank you Mr. Kam can you try to answer most of the questions. We received from our investors during this call.
Some may related to our future planning maybe discussed with our six year plan conference call later.
So for the first quarter 2022.
Revenues increased 70 percentage to approximately $8 $9 million.
Approximately $5 3 million.
<unk> achieved were closed for environmental reasons and till February 21, 2022.
Previous year, they were closed until February 19, 2021.
Matt certainly 90 days of operation.
2022 versus 41 days, India to them from the web so outstanding revenues increased $78 five percentage.
Gross profit increased <unk> hundred 6%.
Two.
My whole point $4 million up from approximately $1 1 million.
Direct labor and factory.
Overhead incurred during the plant shutdown.
Approximately $2 $2 million.
General and admin expenses increased 29 percentage to approximately two two.
$2 million.
Major effect impacting <unk> and the <unk> was in.
In the unrecorded foreign translation.
Marty.
Loss from operations decreased nine.
98% to approximately $65 1 billion from approximately.
Approximately three 3 million.
Direct labor and factory overheads.
Approximately $2 $2 million ended up borrowing translation losses.
Approximately 280 <unk> eight.
<unk> 8000.
Excluding the first quarter of the year 2022 would have been profitable even with only.
39 days of operations.
So now to our business segment, that's half by segments, Firstly, let's look at our bromine segment.
In this bromine segment increased 16, 9% to approximately eight 1 million.
Post produced increased 5% to $1.
Bye Tom.
Selling prices increased 65% <unk> two $8086.
At the present time based on the spot price from sensors Dot com and the current changes in the selling price of bromine.
$8270, which is higher than in the first quarter.
Gross profits were up.
Ultimately full time.
$2 million.
Compared to $1.3 million, an increase of 224% each.
Percentage of sales gross margins were 51 percentage compared to 2010 percentage.
Our utilization rate was 19% compared to 17% in the previous year.
Steven that our fact sheet.
The only open for 39 days versus 41 days in the previous year, our utilization rate was much improved net profit in bromine.
Approximately $1.2 million versus a loss of <unk>.
<unk> continues to be one.
One 7 million dollar.
Numbers included overhead costs of the Clos.
Factories, <unk> and <unk> expenses.
Negative noncash foreign currency adjustments.
The total assets in our bromine business increased to approximately $186 million from 100.
The $44 7 million in the previous year, we had been trading New road building and Closeouts and making other improvements.
We believe we will receive approval to open at least one and potentially more of the closed factories.
Hum.
Secondly, let's look at the crude salt segment.
Cost of ops as with bromine. The cross dock facilities were opened only touching 90 days after 90 days in the quarter. In addition, because of low temperatures winter is a very slow time for crude oil production.
Lastly cost of revenues increased 68 percentage too.
$754000.
Tied to the substantial revenue increase the cost of revenues declined 6% to 679 and 50.
609000, and <unk> hundred 60.
Gross profit was approximately 102004 <unk>.
$5000 compared to a loss of $219 $1000.
For the quarter, including its a shift of cost from cost facility corporate overhead and unrecorded foreign exchange losses caused lost approximately 510 to two.
<unk> thousand dollar versus.
$1 million.
So, let's look at the chemical segments chemicals hybrid zero revenue and operating loss.
Approximately $513000.
Construction of our new <unk>.
Jim.
Chemical factory has been delayed by electric Ctv's chicken as well as by the winter shutdown on February seven 2022, we announced that we believed.
<unk> chicken where.
As a result, the company has contacted if supply.
And we'll have the remainder of the equipment produced and delivered.
We can complete installation and repeating testing and trial production at this time the company may begin commercial production during the year 2023.
Now, let's look at a natural gas segment.
<unk> gas business with parking revenue.
Approximately $57000 on the zinc.
Some of.
The business reported a loss of <unk>.
$26 $739.
Company is still reaching for the prolonged initial comment.
To finalize amend and do some planning post to try and progress. The company has no assurance on the timing of the expense.
However, since the dominant or China has approved net privately owned enterprises are allowed to participate in natural gas production.
Since <unk> is a great demand for natural gas in China. The company remains optimistic about this project.
Now, let's look at the company's balance sheet.
And indeed, the constantly the cash.
Approximately 105, and <unk> 7 million.
The increase of approximately nine $9 million from the level in the previous year cash per share was $10 five.
Shareholders' equity.
Approximately 288 $1 million.
Shareholders' equity per share was $27 seven Madison.
Cash flow despite the closure of a facility for more than half of that.
Water.
The company generated strong cash flow from operating activities.
Approximately $85 million.
<unk>.
Approximately 395.
Property plant and equipment free.
Free cash flow, excluding the impact of foreign currency translation was.
<unk> $8 $1 million.
There is one question.
That is the accounts receivable often accompanies you think youll be filed.
Investor is asking why year was approximately four $4 million of receivable older than 90 days in our 10-Q and IHS one less all our investments in this conference call noted that these receivables have been received in the month of April .
So now, let's turn the call back to Mr. Liu for some concluding remarks.
Those are all.
Okay.
Right.
Hi, operator.
Hi, Hi, Adama.
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Comp sales were both up.
So for the guidance.
The women shows without a doubt.
While all of our Gulf of first half.
You've got to you.
Thank you for attending.
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How does the.
Please go ahead Sir.
Tim Boswell Hearts outlook highlights.
Okay.
So I'll do the translation based Amit.
Concluding remarks, so first off the company, we're very pleased with this content.
Operation results were almost breakeven.
And the results.
When port closure, we would have earned a strong profit.
Rami and pricing has remained extremely strong impulse had become more turnkey kept sitting in China has been rebuilt.
Cause of environmental controls and the demand remains strong.
We're seeing increased use of bromine in pharmaceuticals.
Other products, such as zinc bromine factories and flame retardants.
I also expect to open at least one of our close essentially in year 2022.
Based on the improvements we have made and our current outlook on pricing.
The company.
Extremely bullish on the opportunity in this sector.
Results include such should improve as well.
We are optimistic our eastern chemical business.
We are planning to finish the construction and begin testing in trial production and then make that our commercial production in year, two and three.
Also optimistic that we will receive permission to Gilles for natural gas and brine SRAM Province, China Basic Grace sausage.
Natural gas, we hope to be part of the solution.
Tim has been working diligently to produce detailed financial protections like aviation through 2027, where you shared this plan with investors before the end of next month.
I'll now turn the call back to Helen for Q a section.
Ladies and gentlemen.
Yes.
Ladies and gentlemen, the floor is now open for questions. If you have any questions or comments. Please press star one on your phone at this time, we ask that we're posing your question you. Please pickup your handset if listening on speaker phone to provide optimum sound quality.
Please hold while we poll for questions.
Your first question for today is coming from Glenn Creveling. Please announce your affiliation then pose your question.
Hey, good morning, Glenn equivalent of an individual.
Wondering if you could go through each of your business segments.
And discuss how many plants.
Currently open.
How many plants are currently closed.
And when do you expect the closed plants to be reopened if you could do that for the bromine business.
The salt business.
Chemical business individually.
Many plants are currently open.
Closed and when do you expect them to reopen.
Hi, Glenn do me. This is your question are you me we put this in our six year plan.
No currently in the quarter.
In a context.
Okay. Gabe you gave utilization, but I wanted to know how many plants. How many actual plants are open in each of those businesses, how many you're closed and when do you expect the closed plants to reopen.
That's my first question Okay.
Okay.
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Sure Hi, Neil cash totals.
The challenges are more EMEA.
EMEA cash equivalent.
Carl.
Hi, Glenn.
And the response from Mr. Liu first helpful. There are three business segments in the company.
Rehab for me, Firstly, secondly is bromine and crude salt segment.
Firstly.
<unk> is our chemical segment.
Third is natural gas. So currently we only have our bromine and crude salt segments open those last two including chemical and natural gas are closed.
So the <unk> one segment open and use it one segment, we have bromine and crude salt.
Our bromine business, we have full bromine factories.
<unk> currently.
<unk>.
There are less three are closed so by this year, we hope to open at least one more before the end of the year.
So before the end of year, we would have some.
Five factories bromine factories in operation.
Secondly, if we look past that caused such.
Which has a similar case as our bromine segments.
Also have full crews a pan.
Operation and before the year end of the year.
Try to get another across our plants in operation. So we won't have some too.
At some two five.
2010.
Okay. Let me, let me ask the question slightly differently.
Yes.
All your plants were opened.
Give me some metric on how much capacity you have.
We'll have and how much of that is open today so of all the bromine plants, we're fully open.
The capacity when they are all open and how much is open today for bromine and salt only.
Okay do you mean capacity in tubs.
Yes, you can give it to me tons of capacity what the capacity.
Would be if all of our plants were open and then what is and how much capacity is opened to date in bromine.
Not only.
Okay got it thank you.
And I think I went through that you outlined.
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Hi, Glenn.
So the big East capacity for seven bromine factories would be.
13000.
Pumps per year.
<unk> 3000.
13.
For the first half, but would it be 60000 pounds.
All seven.
Rami searches.
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So 13000 pounds.
Bromine capacity.
All seven were open and 60000 pounds.
But how much is open today for bromine and how much is open today for salt.
Hum.
Okay, Okay 50000 pounds of course.
Okay.
Okay, and how much how much is already done.
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Great.
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Okay.
Hi, Glenn So currently the bromine production per annual Inc.
<unk> thousand pumps.
And the crude salt is 32000 pounds per annual.
Great.
One last question.
You said that there is a $186 million of assets.
In the bromine.
Invested.
How many dollars are invested in the salt you did not give the salt number only bromine at 186.
Okay.
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And then Jonathan.
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Hey, Joe.
Hi, Glenn I think for this detailed number I mean E mail back.
How do you think because we do not have this number on hand currently.
Okay.
Pam are disclosed banking, obviously to your plan.
The 40 to ouch.
Okay.
Current current liabilities and.
In the quarter were 30 Im sorry current.
Payables payables were $35 million in the quarter.
At year end. They were 10 can you explain why they went up.
2000, 20 million $25 million.
Okay.
Okay great.
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So a major league because the company at this time.
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For what for what for plant openings, what was it what was it bought for.
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My journey, because you know our chemical our chemical segment, we have <unk> equipment and for our bromine segment, we have some projects in construction. So we.
We have some.
Payables and some materials for our bromine production immediate.
Okay. My last question is what is your projection for capital spending.
In 2022, what's your capital spending plan for 2022.
Okay.
Thank you Hubert and Joseph <unk> hydrogen Leandro.
Okay.
Women Juliet do you have any kind of hotel.
Okay.
Hum.
Hi, Glenn So for this question, we may discuss it in our six year plan later on.
More detail how do you think.
Okay.
What is depreciation going to be for this year, what's your plan for depreciation.
Yeah.
I'm not going to move any guarantee Joseph.
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Yeah.
Could you.
Please that you just heard you very quickly.
Hum.
Hi, Glenn so regarding this year like we explained at the beginning of this call we will provide it.
Six year financial plan.
So.
Later on the company website, and we will hold a conference call later on with the presentation.
That will be put on the company web site, and which we will discuss all of these questions.
Zach presentation and during the call later in cardiology depreciation capital expenditures and.
Detailed by segments by business segments.
Why why six year plan three year plan, our five year plan why six.
Okay.
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Hi, Glenn so because first of all if we'd had a companys chemical business segment.
Sure.
Start commercial production in 2010, three and therefore, the initial year, because it's just bath app so in order to.
Experience.
That the business value of this segment.
Think a six year would it be more.
Valuable to our shareholders and assuming a case to our shell to our natural gas segment.
Because really.
Or the.
Total led.
Approval needed the approval from the government and the company needs to.
Some more.
Protection on these projects as well and the other for our shareholders to see the business value of these projects as well for the <unk> would it be more.
Reasonable year for us to do that.
Assumption.
Yeah.
Okay, I'll, let someone else ask Ivan.
That's getting a lot of questions. Thank you for your question.
Okay, you're welcome.
Your next question for today is coming from Asher Stein. Please announce your affiliation then pose your question.
Hi, good morning, I'm an individual.
My first question is a follow up to the previous caller's question.
The $25 million in.
In payable expenses.
So you answered that part of that is due to expenses relating to the chemical factory.
But in the notes.
The notes to the balance sheet. It says that the expenses incurred in relation to the.
Chemical plant didn't increase from the end of year 2021.
Still at around $4 million to $5 million. So how do you reconcile that.
Meaning if the $25 million in debt.
Was incurred.
In relation to the chemical factories shouldn't.
Shouldn't that number $45 million of increased also.
Okay.
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Sure. So Glenn gave you and your content.
Yes.
Tim Hunton, John <unk> question.
Okay.
Sure.
Hi, Mr.
Mr explains that just now we did mention that.
The major increase out due to the construction projects.
Our bromine business segments.
Alright.
We said that it was because of expenses equipment for the chemical plants.
So why was on that.
Yeah.
That is like a minor part there is some but not major patch and because <unk> now to put this one in the first and maybe my translation did not put his comments on the first.
Okay.
And those expenses for the bromine plants are those are those was that going towards reopening the closed plants.
Or is that going to improvements on the opening plans.
There was one that does look good as local media is what they did with social Xiaomi alleged okonjo Shankar Knowhow to Ghansham classes were male pilot trial.
Payroll and our hydrogel for <unk>, what's happening in Egypt Chico.
Thank you guys can kind of talk about.
Okay.
And with the expenses on the operating plans for the improvement.
The operating plants, Okay got it.
My second question is about share buybacks.
So we were told your first told that it couldnt be done and then we were told that it could be done but the company is.
Holding onto those cash in case, an investment opportunity arises.
I just want to know does the company feel that shares of their own company at $3 and can be signs of not.
Good investments or the combination Jon Bon.
$105 million in cash.
Why does the company and I'll feel at their own shares is a good investment.
And given that your clients exiting my question one of the.
Last earning calls.
Said that the reason why you Werent the company wasn't pursuing share buybacks at this time.
They want to have cash on hand in case of investment comes up I want to note that the company not feel that our own shares at $3 is a good investment.
Okay.
Okay.
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Sure.
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Sure.
Okay.
So firstly.
So firstly the company wants to.
[noise] prestige positioning itself as each business operation.
In our chemical segment, which may lead to more investment and for cash and our <unk>. Our natural gas business segment also needs more investment as well so we need it.
Our cash on hand in order to make sure our future.
These needs can't operate well when they need the cash.
Okay I would just suggest for the company to reconsider its position on that because.
No matter, how well the company is operating as we see now is operating great and we appreciate that but the company has.
You have to find a way to return value to shareholders.
So.
As long as the company is operating I think the owners of the company would appreciate.
Some return of their investment.
Okay. Thank you.
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Thank you.
Okay. Thanks, a lot.
Welcome.
Once again, if the question <unk>.
Her comments please press star one on your phone at this time.
Your next question for today is coming from Bill Bender. Please announce your affiliation then pose your question.
Hi, Good morning, Thank you for your time today.
Individual investor for over 11 years, and some of the previous people have mentioned.
Your numbers are terrific this quarter I'm sure. The six year plan is going to look terrific.
<unk> always has been with the cash balance.
We.
Book value per share.
But I am concerned with.
The focus on shareholder value.
We know the businesses, we know they're profitable my question is for.
How can I do buybacks is it possible to pay a dividend.
Obviously just performing.
Bringing the value to us.
I've been a patient shareholder.
Since the beginning and I do recall, a few quarters ago.
Chairman, making some comments about the awareness I know they've changed their compensation and.
I just would like to know without deferring to the six year plan that there is.
He has a plan to bring shareholder value back.
For this company so that we can see a runway here of potential success in general would there be a dividend would there be a buyback what the plan is in general if we could answer that rather than deferred to the six year plan I'd appreciate it. Thank you.
Okay. Thank you.
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Well most of that how do you think over into therefore, I'll Miss O'shea Barton.
It does as you sell more or Washington gesture.
Yes, we will consider this.
Plant was awarded to our shareholder base.
Based on that we can make sure our.
Our business operations can goes well.
Well currently.
Part of the plan.
Currently it appears to be going very well.
So I guess my second question would be how well do we have to be doing to be considered.
Considering because.
Earnings are clearly going to be back this year balance sheet is better than any we have positive cash flow. So when we say the business is doing well.
We compare that to other companies here in the United States.
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How well is well I guess would be my question.
Is there a concern.
Our business is located in China, and there's a lot of concern about technology that do we have any concern.
At all with the geopolitical.
Where we're located is that causing us any.
Issues with shareholders on a regulatory patients that we should be made aware of.
Okay. Thank you.
Sure Phil Tiger manage overhang.
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Thank you Joshua.
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Okay. Thank you.
Closer to I'll call it additional soft rock.
Does that assume that you should.
Take off with Asia.
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Fantastic.
Thank you Jaime.
Yeah.
Sure Jeff.
Thanks, how are you sort of take off of that and Josh.
Sure David.
So the company's major concern.
The 10 2 million pets.
The national policies Com.
Companies.
Zambo guilty of Donlin policy changes, we still have three bromine factory.
And which did not startup operation yet.
And so yes, our natural gas project in Sichuan and still does not gamma given us get.
Approvals yet this other company is a major concern.
Okay. Thank you I would suggest in the six year plan that.
We could tie in there.
Plans are as a company for those items that we're all concerned with for example, if we open another plant or two we do plan buybacks <unk> dividends. So that is the six year plan rolls out we always shareholders can have an idea.
The runway for us with shareholders. So thank you for the call today.
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Later I will go operator, hi, operator, if there's no more questions Kelly close our call for today.
Q.
Thank you welcome attending this call how good night. Thank you. Thank you much.
Goodbye.
Thank you ladies and gentlemen, this does conclude today's conference call. You may disconnect. Your phone lines at this time and have a wonderful day. Thank you for your participation.
Thank you operator.
Thanks.
Yeah.