Industry's Prospect and Corporate Strengths Received Recognition
HONG KONG, Nov. 20, 2012 /PRNewswire/ -- Xiangyu Dredging Holdings Limited ("Xiangyu Dredging" or the "Company", stock code: 871), the largest privately owned dredging company in China in terms of dredging volume in 2010, has been awarded "2012 China Dredging Company of the Year" by Frost & Sullivan, the globally renowned consulting company, in recognition of Xiangyu Dredging's outstanding achievements in terms of business expansion, technological advancement for environmentally-friendly dredging and targeted development strategies.
"China Dredging Company of the Year" aims at acknowledging excellent quality, superior services and good reputation of the chosen dredging company. Xiangyu Dredging is committed to providing quality customer-orientated dredging services. Amid a global and regional economic slowdown, Xiangyu has outperformed its peers thanks to a well-focused business strategy, especially with its expertise in environmentally-friendly dredging buttressed by a top-line alignment of advance technologies and equipments. In particular, the company's leading technological edges in areas such as hi-efficiency drying has built for it a solid reputation within a short period of time in capital and reclamation dredging and leading the environmental dredging industry.
Frost & Sullivan, a global growth consulting company, publishes over 500 comprehensive industry converge per year, partners with clients to support the development of innovative strategies for more than 40 years. The company serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community. Frost & Sullivan has won a worldwide reputation for its high-quality services in more than 300 major industries.
Mr. Liu Kaijin, Joint Chairman, executive Director and CEO of Xiangyu Dredging, said, "Xiangyu is delighted and honored to see its hard work recognized by the international business community. We have adamantly adhered to a corporate mission of 'Grasping every valuable opportunities to build a leadership in environmental protection dredging'. China's favorable water conservancy and environmental protection policies open a broad horizon for Xiangyu's growth plan. We are committed to build an ever more beautiful China with our experience and expertise as China's leading player in environmentally protection dredging industry."
About Xiangyu Dredging
Xiangyu Dredging has been listed on the Stock Exchange of Hong Kong ("SEHK") on 20 June 2011. The Company is the largest privately owned dredging company in China in terms of dredging volume in 2010, according to the Frost & Sullivan Report. The Company is engaged in providing capital & reclamation dredging, environmental protection dredging, dredging related construction business and other marine business services. The Company has cultivated strong client relationships and has a strong project pipeline including large-scale projects with prestigious clientele. In 2011, the total revenue was increased by 203% to RMB 1.14 billion, integrated net profit grew by 219% to RMB 300 million. The Company has strong ability to evaluate project profitability and selectively engage in profitable projects, and have undertaken contract work on dredging projects such as Dalian Changxingdao Harbor Project and Tianjin Project. The Company achieved an average dredger working efficiency rate of approximately 83% in 2010, which was higher than the industry average of 70% in China.
This press release is issued by Wonderful Sky Financial Group Limited on behalf of Xiangyu Dredging Holdings Limited
