Yantai, Shandong – Wanhua posted CNY73bn ($11bn) revenue for 2020, up by 8% from 2019, according to the company’s annual report which was released on 16 March.
Net profit for 2020 dipped 1% year on year to CNY10bn. Net profit less non-recurring items rose by 4% to CNY9.5bn.
The domestic and overseas markets each accounted for half of Wanhua’s revenue in 2020. The former registered 31% gross profit margin last year, compared with the latter’s 23%.
In 2020, Wanhua produced 2.87MT polyurethane related materials and sold 2.88MT, generating CNY34bn revenue. This compares to 2.68mT production, 2.62mT sales volume and CNY32bn revenue in 2019.
The company recorded 43.5% gross profit margin for polyurethane related materials in 2020, up by 2 points from 2019.
Last year, Wanhua had 2.1mT/year designed capacity for MDI, 650kT/year for TDI and 605kT/year for polyether polyols. These facilities had a 90% utilisation rate last year.
The company raised its TDI capacity by 100kT/year and polyether polyol capacity by 195kT/year in 2020.
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Revenue up for Wanhua in 2020
