Gangzhou, Hebei – Chinese TDI maker Cangzhou Dahua reported an 84% rise in revenue to CNY 2.07b ($310m) over the first six months of 2017, according to its half year report released in August.
Net profit in H1 2017 was CNY 656m, compared with CNY 23m net loss a year ago. The company’s stock price has more than doubled over the period.
Over the past few years China’s TDI capacity was in surplus, but the global market warmed up in 2016 with a decrease in overseas capacity, said the half year report. China’s TDI price in H1 2017 averaged at CNY 27,000/ton.
With 150kT/year TDI capacity or 18% of China’s total, Dahua produced 81kT TDI during the half year and sold 77kT. TDI sales accounted for 87% of Dahua’s overall revenue.
The company also has 160kT/year caustic soda facilities and 135kT/year nitric acid facilities. ‘We have businesses throughout the supply chain, gaining us a considerable advantage in TDI cost,’ said the report.
Exchange Rates: Xe.com 21 August 2017
