Yantai, Shandong – Wanhua said its unaudited net profit in 2018 is CNY 10.6bn ($1.6 bn), down 4.7% from 2017.
Revenue rose by 14% compared with 2017, to CNY 60.6bn, according to a company announcement on 1 March.
'During the period, all our business units upped their sales, but the overall performance was slightly down due to polyurethane-related products’ price drop over the latter half [of last year],' said the announcement.
Wanhua estimates its consolidated revenue in 2018 by including assets it gained when it absorbed its controlling shareholder. These assets include BorsodChem, which helped sales climb by 12% compared with 2017. Total sales reached CNY 72.8bn in 2018. Consolidated net profit slipped 1.4% to CNY 15.6bn.
Last year, Wanhua continued its expansion, adding 1,100 new employees, its chairman Liao Zengtai said in his New Year’s address on the company website. The company increased its headcount by 12% compared to the end of 2017.
The company commissioned TBA dehydration, TDI and catalysts plants successfully during 2018. Meanwhile, existing facilities for HCL oxidation, PDH, MDI, PC and ADI were optimised, Zengtai added.
Wanhua also signed a memorandum of understanding in February with an Abu Dhabi National Oil Company subsidiary to set up a joint venture for LPG transportation.
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