Listed PFY companies outperform in H1 2021

Many leading companies on polyester market including Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun, Xinfengming and Eastern Shenghong released their semi-annual report for 2021 in Aug. The key operating data of the six companies are as follows:

Above 6 companies witnessed great increase of operating income and net profit on the year in the first half of 2021. The growth rate of operating income was mainly within 40-75%, with Xinfengming ranking the first and Tongkun at the bottom. The y-o-y increase of net profit was substantially diversified. Eastern Shenghong saw the highest growth at 1720.3%, that of Xinfengming, Tongkun and Rongsheng all exceeded 100%, while that of Hengyi Petrochemical was only at 16.95%. Reasons for performance changes:

All in all, the outbreak of the pandemic affected the performance of most enterprises in the first half of 2020. In the first half of 2021, domestic economy recovered and the whole industry witnessed higher prosperity in China with better controlled pandemic. Prices of the whole industrial chain apparently rose driven by surging crude oil price and the profit also obviously improved with warmer demand and wider price gap between feedstock.