Summary of the 2022 fiscal year performance of the world’s top 50 chemical companies

Recently, major chemical enterprises—including BASF, Dow, and Wanhua—have successively released their 2022 fiscal year financial reports. The reports indicate that sales performance across these companies generally increased; however, profitability for some was impacted by factors such as global economic downturn and persistently high energy and raw material costs. I. Asia Rongsheng Petrochemical achieved revenue of RMB 289.095 billion in 2022, an increase of 57.91% year-on-year; net profit attributable to shareholders amounted to RMB 3.34 billion, down 74.76% year-on-year. Hengli Petrochemical achieved revenue of RMB 222.324 billion in 2022, up 12.3% year-on-year; net profit attributable to shareholders totaled RMB 2.318 billion, down 85.07% year-on-year. Wanhua Chemical achieved revenue of RMB 165.565 billion in 2022, up 13.76% year-on-year; net profit attributable to shareholders stood at RMB 16.234 billion, down 34.14% year-on-year. China National Chemical Engineering Co., Ltd. achieved revenue of RMB 157.716 billion in 2022, up 14.88% year-on-year; net profit attributable to the parent company reached RMB 5.415 billion, up 16.88% year-on-year. Hengyi Petrochemical achieved revenue of RMB 152.05 billion in 2022, up 17.26% year-on-year; net profit attributable to shareholders was -RMB 1.08 billion, shifting from profit to loss year-on-year. Sinochem International achieved revenue of RMB 87.449 billion in 2022, up 8.25% year-on-year; net profit attributable to shareholders amounted to RMB 1.311 billion, down 39.15% year-on-year. Yuntianhua achieved revenue of RMB 75.313 billion in 2022, up 19.07% year-on-year; net profit attributable to shareholders reached RMB 6.021 billion, up 65.33% year-on-year. Oriental Shenghong achieved revenue of RMB 63.822 billion in 2022, up 21.13% year-on-year; net profit attributable to shareholders totaled RMB 0.548 billion, down 88.02% year-on-year. Tongkun Group achieved revenue of RMB 61.993 billion in 2022, up 4.79% year-on-year; net profit attributable to shareholders stood at RMB 0.13 billion, down 98.26% year-on-year. Zhongtai Chemical achieved revenue of approximately RMB 55.911 billion in 2022, down 11.1% year-on-year; net profit attributable to shareholders was approximately RMB 0.714 billion, down 74.02% year-on-year. Xinfengming achieved revenue of approximately RMB 50.787 billion in 2022, up 13.44% year-on-year; net profit attributable to shareholders was a loss of approximately RMB 0.205 billion, down 109.09% year-on-year. Kingfa Science & Technology achieved revenue of RMB 40.412 billion in 2022, up 0.53% year-on-year; net profit attributable to shareholders totaled RMB 1.992 billion, up 19.89% year-on-year. Huayi Group achieved revenue of RMB 38.511 billion in 2022, down 2.97% year-on-year; net profit attributable to shareholders amounted to RMB 1.281 billion, down 56.83% year-on-year. Saudi Basic Industries Corporation (SABIC) reported a 28% year-on-year decline in net profit to SAR 16.53 billion (approximately RMB 30.4 billion); sales revenue rose 13% year-on-year to SAR 198.47 billion (approximately RMB 36.49 billion).

After selling its adhesives business, Dow again divests assets—why is Dow frequently selling off business units?

Dow stated that this transaction helps the company enhance the value of certain non-core assets and focus on developing its core chemical businesses. Previously, in September 2020, Dow sold six North American railway infrastructure assets; in December 2020, it divested its U.S. Gulf Coast marine and terminal operations and related assets. Why does Dow continuously divest multi-phase businesses? In recent years, Dow has frequently sold off business units to improve operational efficiency and competitiveness amid uncertain global macroeconomic conditions and increasingly stringent regulatory environments. For the first three quarters of 2022, Dow achieved net sales of USD 32.559 billion, down 4.24% year-on-year; pre-tax profit totaled USD 1.381 billion, up 37.0% year-on-year; net profit reached USD 1.236 billion, up 63.71% year-on-year. Jim Fitterling, Dow’s Chairman and CEO, commented on the quarter: “In the third quarter, Dow achieved year-on-year volume growth for the fourth consecutive quarter, while managing ongoing macroeconomic softness and an unplanned ethylene cracker outage in Texas. Our cost-advantaged footprint in the Americas continues to provide strong competitive advantages, enabling Dow to capture demand growth in attractive markets. However, Europe and China have yet to achieve meaningful recovery. Moreover, Europe’s regulatory environment poses growing challenges across many sectors and value chains. Since 2023, we have proactively taken targeted actions to optimize our global asset footprint. Consistent with our ‘best owner’ mindset, we announced a strategic review of selected assets in Europe—primarily those within our polyurethanes business. We will continue optimizing our global footprint while maximizing cash generation as we advance higher-return investments that drive long-term shareholder value.” In May of this year, Dow announced the completion of the sale of its soft-packaging laminating adhesives business—part of its Packaging & Specialty Plastics division—to Arkema for USD 150 million. The sale included five manufacturing sites located in Italy, the United States, and Mexico, covering solvent-based and solvent-free laminating adhesives and heat-seal coating product portfolios. However, Dow retained its water-based composite adhesives, acrylic adhesives, and adhesive solutions within its Dow Consumer Solutions and MobilityScience businesses.

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