Wanhua Chemical Group Releases 3Q 2020 Results

Wanhua Chemical achieved total operating income of 49.23 billion in the first three quarters of 2020, an increase of 1.4% year-on-year; achieved net profit of 5.35 billion, down 32.3% year-on-year, a narrower decline than the same period last year; earnings per share of 1.7 yuan. During the reporting period, the company's gross profit margin was 22.6%, down 7.2 percentage points year-on-year, and net profit margin was 11.4%, down 5.6 percentage points year-on-year.

The price of the company's products declined due to the epidemic and the downward trend of international crude oil prices, but the company's sales volume of petrochemical and new material products increased significantly, thus the overall revenue increased slightly by 1.43%.

In the first three quarters of 2020, sales of petrochemicals reached 4.391 million tons, an increase of 65.49% year-on-year; revenue reached 15.918 billion yuan, an increase of 25.95% year-on-year. New materials segment sales reached 382,100 tons, up 34.88% year-on-year; revenue reached 5.421 billion yuan, up 7.60% year-on-year.

The revenue of the polyurethane segment reached 21.821 billion yuan, down 9.29% year-on-year, mainly due to the drop in the price of polyurethane products.