Summary of Financial Performance for the World’s Top 50 Chemical Companies in FY2022

Recently, major chemical enterprises—including BASF, Dow, and Wanhua—have successively released their financial reports for fiscal year 2022. The reports indicate that while sales performance across these companies generally increased, profitability for some was adversely 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 of the listed company amounted to RMB 3.34 billion, down 74.76% year-on-year. Hengli Petrochemical recorded revenue of RMB 222.324 billion in 2022, up 12.3% year-on-year; net profit attributable to shareholders stood at RMB 2.318 billion, down 85.07% year-on-year. Wanhua Chemical reported revenue of RMB 165.565 billion in 2022, up 13.76% year-on-year; net profit attributable to shareholders totaled RMB 16.234 billion, down 34.14% year-on-year. China National Chemical Engineering 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 posted 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 reported 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. Dongfang Shenghong achieved revenue of RMB 63.822 billion in 2022, up 21.13% year-on-year; net profit attributable to shareholders stood at RMB 0.548 billion, down 88.02% year-on-year. Tongkun Group recorded revenue of RMB 61.993 billion in 2022, up 4.79% year-on-year; net profit attributable to shareholders totaled RMB 0.13 billion, down 98.26% year-on-year. Zhongtai Chemical reported 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 reported revenue of RMB 40.412 billion in 2022, up 0.53% year-on-year; net profit attributable to shareholders reached RMB 1.992 billion, up 19.89% year-on-year. Huashe Group achieved revenue of RMB 38.511 billion in 2022, down 2.97% year-on-year; net profit attributable to shareholders stood at 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).

Dow’s Q3 Profit “Halved”: Slowing Economic Growth and Weakening Demand Further Erode Profits of Chemical Giants

The chemical industry currently faces slowing economic growth, weakening demand, and oversupply across key product chains. In contrast to upstream energy and refining sectors—which maintained relatively robust margins last year—petrochemical production margins began weakening toward the end of 2022 and continue facing mounting pressure this year, resulting in frequent losses among chemical enterprises. Dow’s Q3 Profit Drops Over 60% Recently, numerous companies have released their third-quarter financial results, with many reporting declining profits for the first three quarters of the year. According to Dow’s Q3 2023 financial report, net sales for the quarter totaled USD 10.73 billion, down 23.98% year-on-year; operating profit stood at USD 302 million, down over 60% year-on-year. Under U.S. GAAP, earnings per share were USD 0.42; on an operating basis, earnings per share were USD 0.48—down from USD 1.11 in the same period last year and USD 0.75 in the previous quarter. Industrial Intermediates & Infrastructure business declined 25%. Net sales for this segment in Q3 totaled USD 3.0 billion, down 25% year-on-year. Regional prices fell 17% year-on-year, while currency exchange rates contributed a -1% impact to net sales. Volumes declined 7% year-on-year, with both businesses posting declines primarily due to slowing global demand. Sequentially, net sales fell 4%, as volume gains in the Europe, Middle East, Africa & India (EMEAI) and Asia-Pacific regions were offset by falling regional prices across all markets. Polyurethanes & Construction Chemicals business reported lower net sales year-on-year, driven by weaker consumer durable goods demand and lower regional prices for propylene oxide derivatives and isocyanates. Sequentially, net sales declined as volume gains across all regions were offset by falling regional prices. Performance Materials & Coatings business declined 20%. Net sales for this segment in Q3 totaled USD 2.1 billion, down 20% year-on-year. Regional prices fell 17% year-on-year, with both businesses experiencing declines. Volumes dropped 3% year-on-year; sequentially, net sales declined 3%, as volume gains across both businesses and all regions were offset by falling regional prices. The year-on-year decline in net sales for this segment was primarily attributable to lower regional prices. Weak End-Demand Pressures Chemical Enterprises’ First Three Quarters Performance According to Wanhua Chemical’s Q3 report, the company achieved revenue of RMB 132.554 billion in the first three quarters of 2023, up 1.64% year-on-year; net profit totaled RMB 12.703 billion, down 6.65% year-on-year; basic earnings per share were RMB 4.05.

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