Nanjing, Jiangsu — China’s largest polyurethane surfactant maker Jiangsu Maysta Chemical reported CNY 51m ($8m) net profit in 2017, down by 26% from 2016. Revenue rose 7% to CNY 301m.
Rising feedstock prices led to an 8% drop in overall gross margin last year to 34%, said the company’s annual report. Its average procurement price for silicone jumped at least 50%.
In 2017 China’s polyurethane foam consumption reached 4.4m tonnes, accounting for 30% of the country’s total consumption of polyurethane products. Maysta sold 10.4 kT rigid foam surfactants last year. This was up 8% from 2016, and brought in 79% of its revenue.
To boost its new businesses, the company also launched several new products in 2017. These are for flexible foam with ranging density and for anti-shrinkage single component foam.
The company has started up two plants in Nanjing, Jiangsu with 21kT/year combined capacity. These both ran at about 60% capacity utilisation rate last year. It has another 6kT/year project in the pipeline as UTECH-polyurethane.com reported, now slated to begin operation in H1 2019.
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