Yantai, Shandong – Revenue at TPU maker Miracll Chemicals rose in 2017 rise by 57% to CNY 526m ($82m). Net profit jumped 63% to CNY 44m.
The company is awaiting approval for an IPO on the second board, or Growth Enterprise Board, on the Shenzhen Stock Exchange.
According to Miracll’s annual report, in 2016 China’s TPU consumption reached more than 300,000 tonne. This, the company said, makes the nation the world’s largest market. The Chinese market has been growing at a 15% /year, compared with 3% and 4% /year in Europe and the US over the past few years.
In 2017, about 93% of Miracll’s revenue came from the domestic market. Its top five clients, including Wanhua and BASF Polyurethane, contributed to 81% of Miracll’s total sales. Nevertheless, the company is seeing steady growth in Korea, India, the Middle East and the Americas, said the annual report.
The report also warns that profits could fall because of expected additional environmental investments as China tightens regulations.
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