Sino Gas International Holdings, Inc. reported net income of $4.05 million, or $0.14 per diluted share, in 2009. The company earned $1.6 million, or $0.05 per diluted share, in 2008.
Sino Gas International Holdings, Inc. also reported a sharp increase in revenues over 2008. The company reported revenues of $27.6 million, up from $21.4 million in 2008. The company attributed the results to a strong increase in business in natural gas sales and connection fees in 2009.
Sino Gas International Holdings, Inc. reported gross margin of 34.3% in 2009, approximately flat with the 34.8% in 2008.
Yu- Chuan Liu, the CEO of Sino Gas International Holdings, Inc., said, “We are delighted to announce that we have achieved great improvement in sales and net income in 2009. These are record sales in our company’s history. Going forward, Sino Gas will continue to focus on the existing projects, increase the penetration rate, improve our gas distribution networks, and enhance operating efficiency and cost structure.
Sino Gas International Holdings, Inc. owns Beijing Zhong Ran Wei Ye Gas Co., Ltd., which owns and operates natural gas distribution systems serving 145,000 residential, commercial and industrial customers in China. The company also owns more than 1000 kilometers of pipelines.