TAIYUAN CITY, China, Aug. 13, 2012 /PRNewswire-Asia-FirstCall/ -- Longwei Petroleum Investment Holding Ltd. (NYSE MKT: LPH) ("Longwei" or the "Company"), an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China ("PRC"), today announced it was named to Forbes Asia's annual list of "Asia's 200 Best Under a Billion."
Companies considered for the Forbes list of "Asia's 200 Best Under a Billion" must have annual revenues between US $5 million and $1 billion, have positive net income, and have been publicly traded for at least one year. This year, 900 companies met the criteria from a universe of 15,000 companies. Forbes ranked the 900 companies based on sales growth, earnings growth and return on equity in the past 12 months and over three years. Longwei's three-year track record is 45% sales growth, 28% earnings per share growth and 28% return on equity.
The Forbes article, "Asia's 200 Best Under a Billion," by Christina Settimi, July 25, 2012, can be found in the magazine's August 2012 print edition or online at:
"We are honored to be recognized by Forbes as one of the best companies in Asia. Our inclusion reflects the hard work of our team," stated Mr. Cai Yongjun, Chairman and CEO of Longwei. "We have taken a long-term view to build a strong company and create value for our shareholders."
"Against the backdrop of a fragile global economy, the makeup of our Best Under a Billion demonstrates why small and medium sized enterprises ("SMEs") are considered essential to Asia Pacific," states the Forbes article. "Sales of this year's 200 SMEs from 15 countries on our list grew an average 48% last year and generated $47 billion in revenue while employing over 370,000 people. Comparatively, the Asian Pacific outfits on our Global 2000, the list of the biggest public companies in the world, grew an average 13 percent in the last year."
"But despite their size and rapid ascent, these are not flash-in-the-pan businesses. The average age of our candidates is 24 years -- been publicly traded for 9 years," states the Forbes article. "The growth of listed entities in China has been fastest in the world in the years since the financial crisis. Our combined China-Hong Kong set of companies numbers 72, up from 65 last year. On average sales were up 49% and 36% over one-year and three-years while earnings per share have increased 49% and return on equity by 22%."
The complete Forbes list of 200 companies can be found online at http://www.forbes.com/asia200/list.
About Longwei Petroleum Investment Holding Limited
Longwei Petroleum Investment Holding Limited is an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China. The Company's oil and gas operations consist of transporting, storage and selling finished petroleum products, entirely in the PRC. The Company's headquarters are located in Taiyuan City, Shanxi Province. The Company has a storage capacity for its products of 120,000 metric tons located at storage facilities in Taiyuan and Gujiao, Shanxi. The Company's Taiyuan and Gujiao facilities can store 50,000 metric tons and 70,000 metric tons, respectively. The Company has the necessary licenses to operate and sell petroleum products not only in Shanxi but throughout the entire PRC. The Company's storage tanks have the largest storage capacity of any non-government operated entity in Shanxi.
The Company seeks to earn profits by selling its products at competitive prices with timely delivery to coal mining operations, power supply customers, large-scale gas stations and small, independent gas stations. The Company also earns revenue under an agency fee by acting as a purchasing agent for other intermediaries in Shanxi, and through limited sales of diesel and gasoline at two retail gas stations, each located at the Company's facilities. The Company seeks to continue to expand its customer base and distribution platform through the utilization of its large storage capacity, which allows the Company the flexibility to take advantage of pricing, supply and demand fluctuations in the marketplace.
For further information on Longwei Petroleum Investment Holding Limited, please visit http://www.longweipetroleum.com. You may register to receive Longwei Petroleum Investment Holding Limited's future press releases or request to be added to the Company's distribution list by contacting Dave Gentry at [email protected].
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SOURCE Longwei Petroleum Investment Holding Ltd.