The annual reports of the four major private petrochemical companies were released. The net profits of the two companies fell year-on-year, and the net profits of the two companies hit a new high.
On the evening of April 19, Hengyi Petrochemical (000703.SZ) announced that last year the company achieved revenue of 86.43 billion yuan, a year-on-year increase of 8.55%; net profit of 3.072 billion yuan, a year-on-year decrease of 3.7%.
Hengyi Petrochemical stated in its annual report that due to the continuous spread of the new crown epidemic, various regions around the world have successively adopted strict blockade and isolation measures. Terminal consumer demand has continued to slump, global crude oil prices have plummeted, oil cracking spreads have fallen freely, and petrochemical downstream industries have started construction. Insufficient, high inventory, upside down prices, and global refineries are in huge losses as a whole.
Hengyi Petrochemical said that under the above-mentioned background, its Brunei refining and chemical project maintained a high-load and stable operation throughout the year, and the overall production and operation remained stable.
According to data from the China Petroleum and Chemical Industry Federation, last year's petroleum and chemical industry's operating income was 11.08 trillion yuan, a year-on-year decrease of 8.7%; the total profit was 515.55 billion yuan, a year-on-year decrease of 13.5%.
Last year, the net profit of another private petrochemical giant Oriental Shenghong (000301.SZ) also fell year-on-year. The company's revenue last year was 22.777 billion yuan, a year-on-year decrease of 8.48%; net profit was 316 million yuan, a year-on-year decrease of about 80%.
Dongfang Shenghong also said that the decline in performance was mainly due to the impact of the new crown epidemic. The downstream demand of the chemical fiber and petrochemical industry has declined significantly, and the impact of drastic fluctuations in oil prices has been superimposed on the industry's prosperity. The price gap between its products and raw materials has narrowed, and the profit margin has been compressed.
Different from Hengyi Petrochemical and Dongfang Shenghong, benefiting from the commissioning of large-scale refining and chemical integration projects, Hengli Petrochemical (600346.SH) and Rongsheng Petrochemical (002493.SZ) set new highs in net profit last year.
The financial report shows that Hengli Petrochemical achieved revenue of 152.373 billion yuan last year, a year-on-year increase of 51.19%; realized a net profit of 13.462 billion yuan, a year-on-year increase of 34.28%. Both revenue and net profit hit a record high again.
Hengli Petrochemical said that its 1.5 million tons of ethylene project, PTA-4 project, and PTA-5 project were put into operation last year, and the 20 million tons of refining and chemical integration project increased production by five months compared with 2019, which greatly increased the trade volume.
PTA is one of the important bulk organic raw materials, which can be widely used in chemical fiber, light industry, electronics, construction and other industries.
In May 2019, Hengli Petrochemical's 20 million tons/year integrated refining and chemical project was put into operation. In that year, Hengli Petrochemical's revenue exceeded 100 billion yuan, and its net profit increased by more than 20% year-on-year, setting the best performance in history.
Rongsheng Petrochemical's net profit has achieved substantial growth. The company's revenue last year was 107.265 billion yuan, a year-on-year increase of about 30%; net profit was 7.309 billion yuan, a year-on-year increase of 231.17%, a record high.
Rongsheng Petrochemical said that the first phase of its 40 million tons of refining and chemical integration project last year ushered in a capacity release period, and the first phase was safe and stable throughout the year. At the same time, some of the equipment in the second phase were put into production, which increased operating performance.
In recent years, the above-mentioned four private petrochemical companies have taken polyester as the core, expanded upstream and downstream, invested in the construction of large-scale refining and chemical integration equipment, in order to build the entire industrial chain structure and improve profitability.
At present, Hengyi Petrochemical has put into production an 8 million tons refining and chemical project in Brunei, Hengli Petrochemical has put into production a 20 million tons refining and chemical project, and Rongsheng Petrochemical has put into production a 40 million tons refining and chemical project. Dongfang Shenghong's 16 million tons refining and chemical project is expected to be put into operation by the end of this year.
Source: Mobile Public Account
