On the evening of August 12, Rongsheng Petrochemical released its 2021 semi-annual report. During the reporting period, the listed company achieved operating income of 84.416 billion yuan, a year-on-year increase 67.88%; during the same period, it achieved net profit of 6.566 billion yuan, a year-on-year increase of 104.69%, and basic earnings per share of 0.65 yuan.
As for the reasons for the change in performance, Rongsheng Petrochemical said that the overall output of refining and chemical projects is rising steadily, contributing to the company’s performance increase; the price difference of raw material products has expanded, and the profit margin has increased significantly. In addition, since the beginning of this year, the global economic resonance has recovered, downstream demand has picked up significantly, and the crude oil-PX-PTA-polyester and crude oil-chemical industry chains have continued to recover, which has expanded the product cost and product price difference in the company’s industry chain, making profits Ability greatly improved.
In this regard, Rongsheng Petrochemical pointed out that the linkage of procurement, production, transportation and sales of listed companies maintains a balance, and operating benefits continue to increase. In terms of purchasing main raw materials, Rongsheng Petrochemical adopts the operating model of “long-term contract + spot” and “futures hedging risks”. In terms of purchasing auxiliary materials, it adopts internal and external pricing and adheres to the combination of risk control and efficiency priority.
It is worth noting that compared with the same period last year, in the first half of 2021, the operating income of Rongsheng Petrochemical’s refining products and chemical products increased by approximately 87.86%. This was mainly due to the fact that the first phase of the subsidiary Zhejiang Petrochemical Project was fully put into production, and the corresponding operating income increased. The operating income of polyester chips increased by approximately 113.51% in this period, which was mainly due to the production of subsidiary Yisheng Chemical Bottle Chips, and the corresponding increase in operating income.
In addition, the operating income of Rongsheng Petrochemical’s polyester yarn and film increased by approximately 35%. Some of the production lines of its main subsidiaries Yongsheng Technology and Juxing Chemical Fiber were put into operation, and the corresponding operating income increased; other businesses were mainly wholesale trade business, and the operating income of the trading business increased. About 39.75%, mainly because the company’s sales team has increased its trading business around Zhejiang Petrochemical’s products and raw materials; at the same time, the average price of various trading varieties has also increased to varying degrees compared with the same period last year.
During the reporting period, various projects of the “40 million tons/year refining and chemical integration project” invested and constructed by Rongsheng Petrochemical in Zhoushan Green Petrochemical Base were progressing smoothly.
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