Yantai, Shandong – Wanhua Chemical Group released its 2013 annual report in April. In 2013 Wanhua's net profit jumped 23% to RMB2.9bn ($466m) on a 27% rise in revenue to RMB20.2bn. The company plans to have a 9% increase in revenue to RMB22bn in 2014.
According to the report, 2013 saw an increase in global polyurethane demand, but the MDI (methylene diphenyl diisocyanate) price in China has been dropping due to Wanhua’s capacity addition and a growing operating rate of competitors in Japan, South Korea, the US and Europe.
Nevertheless, the sales volume of Wanhua’s main products grew by 17.5% last year. There was also a rise in Wanhua’s MDI export volume thanks to new oversea clients. In 2013 the company’s main businesses had an RMB15.7bn revenue in the China market and an RMB4.4bn revenue from overseas, up 24% and 37% respectively from 2012.
XE Currency Conversion: 21 April