Shanghai, China - Isocyanate producer Yantai Wanhua Polyurethane Co. Ltd has reported a 16.7% increase in sales of Yuan 15.9 billion ($2.6 billion) in 2012, while net profit rose by 27% to Yuan 2.35 billion.
In 2012, the company faced 'fierce competition' in the MDI (methylene diphenyl diisocyanate) market, but it said a customer-orientated and value marketing approach allowed it to increase sales volumes and prices, further consolidating its leading position in the Chinese market. Yantai Wanhua said that its international operations achieved good results and a significant growth in sales margin.
The company noted in its annual report that both in China and across the world, the MDI market demand is slowing. However, the company has plans to expand its production. In 2012, the isocyanate producer invested in improvements of its Ningbo Wanhua Industrial Park. In 2013, Yantai Wanhua said it will focus on 'cracking the contradiction' between the profit maximisation and the healthy development downstream industries.
