Gulf Resources Inc.(GURE) stock remain unchanged in the morning session on Thursday, April 8, 2021, but it rallied in the after-hours and gained 41.94%. GURE shares have gained 34.13% over the last 12 months, and they have moved up by 6.90% in the past week
Let’s have a look at the recent developments
On April 8, 2021, Gulf Resources announced its financial results for the fourth quarter and full fiscal year 2020 ended December 31, 2020.
Q4 2020 financial highlights
- Gulf resources net revenue was 11.80 million for the reported quarter
- Sales, marketing and other expenses in the fourth quarter of 2020 were $13,797
- GURE stock spent $2.95 million in general and administrative expenses in Q4 2020.
- For the 4th quarter, 2020 total expenses were $11million
- Gulf Resources suffered an operating loss of $2.26million in Q4 2020.
FY 2020 Financial highlights
- Gulf resources net revenue was $28.20 million for the reported year
- Gross profits increased 70% to $8,791,990
- Sales, marketing and other expenses in the year 2020 were $42,663
- GURE stock spent $10.2 million in general and administrative expenses in the reported year.
- Total expenses for 2020 were 37.9 million.
- The Gulf Resources suffered an operating loss of $4.92 million in the reported year
Business operations update
On March 18, 2021, Gulf Resources provided updates on its business operation.GURE stock reopened its four operating bromine and crude salt factories on February 19, 2021.
On November 30, 2020, Gulf Resources announced the seasonal closure on all bromine facilitiesclosed from December 25, 2020, until February 19, 2021, as ordered by the government of Shouguang City. The shutdown was part of a governmental action plan to curb air pollution in the winter.
The after-market stock surging came after the financial results announcement which improved significantly. It can continue its rally on the last day of the week.
Gulf Resources, Inc. is a leading provider of chemical products in the People’s Republic of China. GURE stock operates through its three wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited (SCHC), ShouguangYuxin Chemical Industry Co., Limited (SYCI), and Daying County Haoyuan Chemical Company Limited (DHC).