JTF International Holdings Limited provided guidance for six months ended 30 June 2021. The company expected to record a substantial decrease in turnover from approximately RMB 1,082,298,000 for the six months ended 30 June 2021 to around approximately RMB 450,000,000 to RMB 550,000,000 for the six months ending 30 June 2022. The decrease was mainly attributable to (i) the outbreak of the COVID-19 Omicron variant in various cities in China
since late 2021 which led to disruption to traffic and economic activities, in particular the strict and widespread COVID-19 lockdown measures imposed by the PRC Government in a number of major cities in China since late March 2022 until May 2022; and (ii) the drastic price surge in international oil price caused by the political crisis between Russia and Ukraine since late 2021, as a result of which oil market participants in general became more conservative and prudent in the trading of oils. Gross profit ratio is also expected to decrease from 5.5% to around approximate 3.5% to 4% for the same reason. As a result of the foregoing, the Group is expected to record a substantial decrease in profit to no less than approximately RMB 3,000,000 for the six months ending 30 June 2022.