Yantai, Shandong – Wanhua posted CNY13.5bn ($2.1bn) net profit in H1 2021, compared with CNY2.8bn for H1 2020. Revenue during the period jumped 119% year-on-year, to CNY67.7bn.
Net profit less non-recurring items surged by 430% to CNY13.2bn. Net assets were up 19% to CNY57.8bn, according to the company’s half year report, which was released in July.
‘Over the first half of 2021, demand from downstream markets kept improving as the pandemic became gradually under control with rising vaccination rates,’ the report said.
It also noted that China’s goal to have carbon emissions peak by 2030 and become carbon neutral by 2060 will restructure the chemical industry, and create an environment conducive to polyurethane materials in building energy savings.
Another Wanhua announcement on the same day stated that it produced 2m tonne of polyurethane-related products during the half year, up nearly two thirds on the previous year.
It sold 1.9MT, an increase of 53%. PU-related goods generated 42% of its total revenue.
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