Yantai, Shandong — Wanhua Chemical estimates its net profit in 2016 to jump 130% to CNY3.68bn ($535m), according to a press statement in January.
One of the major reasons for this profit jump, said the statement, is the raised margin per tonne of its main product MDI.
China’s polymeric MDI price has doubled in 2016, reaching about CNY 21,000/tonne in December, and has been keeping the momentum in 2017, according to local reports and information from chemical pricing websites.
Other reasons include Wanhua’s newly opened petrochemical facilities at its Yantai site and the rapid growth of its other new businesses, said the statement.
Exchange Rates: Xe.com 2 February 2017