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Industry News | Time: Oct 29 2020 4:12PM
Hengyi Petrochemical: net profit up 38% in Jan-Sep, 2020
 
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According to the quarterly report of Hengyi Petrochemical, operating income approached 61.321 billion Yuan in the first 3 quarters of 2020, with net profit attributable to parent company up by 38.09% on the year to 3.057 billion Yuan.

Since the phase I refining project of Hengyi Brunei started operation in Nov 2019, it arouses much market concern. The refining project in Brunei achieved stable operation in the first half of 2020 and ran at high capacity. The sales income of refining products and chemical products was 9.046 billion Yuan and 1.542 billion Yuan respectively.

In Q3, the operating income was at 21.906 billion Yuan in Hengyi Petrochemical, up by 6.99% y-o-y, and the net profit attributed to the parent company was at 1.154 billion Yuan, up by 23.22% compared with the same period of last year.

After the phase II refining project in Brunei started operation, it will add “ethylene - propylene – polypropylene” industrial chain, helpful to improve the intensification, scale and integration of the project in Brunei, conducive to the integration, globalization and balanced operation of the company's industry, products and assets, and enhance the company's sustainable profitability and anti-risk ability.

On Sep 15, Hengyi announced to invest and build PMB crude oil chemical project Phase Ii project (short for the phase II refining project in Brunei), which will cover $13.654 billion and cover 14000kt/year of refining, 2000kt/year of PX, 2500kt/year of PTA, 1000kt/year of PET and 1650kt/year of ethylene and downstream deep processing and supporting storage and transportation, public works and corresponding auxiliary facilities.

Many new projects successively started operation in Hengyi this year. On June 3, Hengyi announced that its branch company Jiaxing Yipeng’s 500kt/year differential functional fiber improvement and upgrade project has started operation, adding 500kt/year of differential functional FDY. Jiaxing Yipeng can totally produce 750kt/year of differential functional FDY.

On Feb 23, Hengyi announced that its branch company Hengyi New Material Co., Ltd.’s the first production line G line (250kt/year) from the 1000kt/year differential environmental protection functional fiber project has started operation on Feb 23, and the products have been available, mainly producing POY fine denier.

Polyester and nylon is the core business in terms of petrochemical industry in Hengyi Petrochemical, petrochemical finance and supply chain service business is its growing business, and the differential products and application of industrial intelligent technology is its emerging business.

As one of the suppliers for the pandemic prevention material, production and sales of chemical fiber products (including PFY, PSF and PET fiber chip) was at 2970kt and 2470kt respectively in the first half of 2020, up by 31.42% and 7.86% y-o-y respectively.
[RISK DISCLAIMER] All opinions, news, analysis, prices or other information contained on this report is provided by analyst of Zhejiang Huarui Information Consulting Co., Ltd (CCFGroup) as general market commentary and does not constitute investment advice. CCFGroup will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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