Yantai, Shandong –Wanhua’s 2014 annual report showed a 16% drop in net profit to RMB2.4bn ($387m) on a 9% rise in revenue to RMB22.1bn.
According to the report, the latter half of 2014 saw its rivals’ new MDI capacity coming on stream in Shanghai, causing a surplus in supply and lowering prices, but its market share slightly increased over the year.
Overseas sales surged 33% to RMB5.9bn, with high growth in the US, Japan, the Middle East and Southeast Asia. Wanhua also set up new offices set up in South America and Korea.
With MDI still accounting for a large part of its sales, the company is planning further expansion into petrochemical and downstream deep processing segments, aiming for an 18% revenue jump in 2015.