Yantai, Shandong – Wanhua posted CNY31bn ($4.8bn) revenue over the first three months in 2021, up 104% from the same period in 2020.
This represents significant growth from the first quarter of 2019. Then, the company recorded CNY16bn revenue.
In Q1 2021, Wanhua’s net profit jumped 381% year-on-year to CNY6.6bn, according to its quarterly report released in April. Net profit less non-recurring items was CNY6.4bn, six times the figure for Q1 2020.
Meanwhile, total assets as of the end of the quarter grew 13% from a year ago to CNY151bn. Net assets also climbed 13%, to CNY55bn.
Over the first quarter, the company produced 958kT MDI and other polyurethane-related products and sold 924kT, generating CNY13.8bn sales. This compares to 612kT production and 601kT sales at CNY6.4bn during Q1 2020.
Prices of monomeric MDI and polymeric MDI also rose sharply year on year, up 50% and 100% respectively from the end of Q1 2020.