Yantai, Shandong – Wanhua has estimated that its 2020 annual net profit will be between CNY9.6bn and CNY10.1bn ($1.48–1.56bn).
This compares with CNY10.13bn net profit in 2019. It represents a year-on-year drop of up to 5% drop.
The company’s net profit over the first three quarters of 2020 was CNY5.3bn, down 32% from a year ago.
‘The global chemical industry’s downstream demands picked up rapidly at the end of Q3 with strong growth for a few regions,’ Wanhua said in an announcement. ‘The company raised both sales volume and price for its main products, and net profit in Q4 grew at a rate between 91% and 113% from a year ago.’
The price of Wanhua’s MDI products reached a peak in November and December 2020, by which time it was up 50% from the September figure. It has been falling sharply this year, but is still significantly higher than it was in Q3 2019.
Currency conversion: XE.com