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

Tongkun Group Co., Ltd. recorded RMB 61.993 billion in operating revenue in 2022, an increase of 4.79% year-on-year; net profit attributable to shareholders of the listed company amounted to RMB 130 million, a decline of 98.26% year-on-year. Zhongtai Chemical Co., Ltd. reported operating revenue of approximately RMB 55.911 billion in 2022, down 11.1% year-on-year; net profit attributable to shareholders of the listed company stood at approximately RMB 714 million, down 74.02% year-on-year. Xinfengming Group Co., Ltd. achieved operating revenue of approximately RMB 50.787 billion in 2022, up 13.44% year-on-year; net profit attributable to shareholders of the listed company was a loss of approximately RMB 205 million, down 109.09% year-on-year. Kingfa Science & Technology Co., Ltd. generated operating revenue of RMB 40.412 billion in 2022, up 0.53% year-on-year; net profit attributable to shareholders amounted to RMB 1.992 billion, up 19.89% year-on-year. Huayi Group achieved operating revenue of RMB 38.511 billion in 2022, down 2.97% year-on-year; net profit attributable to shareholders totaled 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). LG Chem posted net profit of KRW 2.2 trillion (approximately USD 1.8 billion) in 2022, down 44.5% year-on-year; sales reached KRW 51.87 trillion, up 21.7% year-on-year. Lotte Chemical achieved sales of KRW 22.28 trillion in 2022, up 22.9% year-on-year; net profit stood at KRW 41 billion, down 97.1% year-on-year. Hanwha Solutions recorded sales of KRW 13.6 trillion and operating profit of KRW 966.2 billion in 2022, representing year-on-year growth of 27.3% and 30.9%, respectively. However, due to losses incurred by its naphtha cracker subsidiary, net profit declined 38.7% year-on-year to KRW 378 billion. Nippon Paint Holdings Co., Ltd. achieved revenue of JPY 13.09 trillion (approximately RMB 67.676 billion) in 2022, up 31.1% year-on-year; net profit attributable to owners of parent amounted to JPY 79.4 billion (approximately RMB 4.104 billion), up 19.3% year-on-year. Indorama Ventures generated USD 18.7 billion in revenue in 2022, up 28% year-on-year; core EBITDA reached USD 2.3 billion, up 31% year-on-year. II. Europe BASF reported a 11.1% year-on-year increase in sales to EUR 87.3 billion in 2022; earnings before interest and taxes (EBIT) excluding special items declined 11.5% year-on-year to EUR 6.9 billion; net income was negative EUR 627 million, compared to EUR 5.5 billion in 2021. Bayer Group’s fiscal 2022 sales rose 8.7% to EUR 50.739 billion. Net income reached EUR 4.15 billion, versus EUR 1.0 billion in 2021. EBITDA before special items increased 20.9% year-on-year to EUR 13.513 billion. Linde reported sales of USD 33.4 billion in 2022, up 8% year-on-year; operating profit amounted to USD 7.9 billion, up 10% year-on-year.

2024 Global Top 50 Chemical Companies! Sinopec, PetroChina, Rongsheng, Wanhua… 11 Chinese enterprises make the list! (Full ranking attached)

Formosa Plastics ranked ninth on the list with USD 31.126 billion in chemical sales revenue, rising one position from last year. Linde ranked tenth with USD 30.694 billion in chemical sales revenue, climbing two positions from last year and entering the Top 10 for the first time. INEOS, which ranked sixth last year, fell to 11th place this year with USD 29.563 billion in chemical sales revenue—a drop of five positions and out of the Top 10. Overall Sales Decline Among Top 50 Chemical Enterprises Most chemical enterprises experienced year-on-year declines in chemical sales revenue. In 2023, total chemical sales revenue of the global Top 50 chemical giants contracted by 10.7%, falling to USD 103.6 billion. Notably, industry leaders—including BASF, Sinopec, and Dow—were also unable to avoid the downturn: all three saw declines in their chemical sales revenue compared to the prior year. Record Number of Chinese Chemical Enterprises on the List The global chemical industry continues to evolve, with the most significant structural shift being the rise of certain Chinese petrochemical producers. This year, the number of Chinese enterprises featured on the Global Top 50 Chemical Companies list exceeded double digits for the first time—reaching 11. Sinopec ranked second. PetroChina ranked fifth. Formosa Plastics ranked ninth. Syngenta, a subsidiary of China National Chemical Corporation (ChemChina), ranked 13th. Rongsheng Petrochemical ranked 14th. Wanhua Chemical ranked 16th. Hengli Petrochemical ranked 18th. Dongfang Shenghong ranked 22nd. Tongkun Holding ranked 37th. Hengyi Petrochemical ranked 40th. Xinfengming Group ranked 48th. Notably, two Chinese petrochemical enterprises made the list for the first time this year: Jiangsu Dongfang Shenghong and polyester fiber producer Xinfengming Group. This achievement not only demonstrates the robust growth momentum of Chinese chemical enterprises but also reflects China’s increasingly important role in the global chemical market. Additionally, Hengyi Petrochemical and Tongkun Holding Group—both absent from the 2023 ‘Global Top 50 Chemical Companies’ list—have returned this year. The combined chemical sales revenue of the 11 Chinese enterprises on the list in 2023 totaled USD 27.6897 billion, accounting for 26.7% of the total chemical sales revenue of the Top 50. Who Are the Other Newcomers Among the Top 50? In addition to Dongfang Shenghong and Xinfengming Group making their debut, and Hengyi Petrochemical and Tongkun Group returning to the list, other new entrants include DSM-Firmenich, Celanese, Albemarle, Hanwha Solutions, and SK Innovation. DSM-Firmenich—the merger of DSM and fragrance manufacturer Firmenich—ranked 36th. Celanese entered the ranking following its acquisition of DuPont’s engineering polymers business, ranking 39th. Albemarle ranked 43rd, benefiting from strong growth in its battery materials business. Hanwha Solutions re-entered the list thanks to its solar materials business, ranking 47th. SK Innovation returned to the list after an absence of several years. For every winner, there is a loser. Meanwhile, some companies previously featured on the Global Top 50 Chemical Companies list failed to make it this year—including Westlake Chemical, PTT, Borealis, Alpek, SQM Group, ICL Group, and CF Industries Holdings—due to declines in their chemical sales revenue.

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