In the first quarter of 2023, under the influence of capacity expansion and sluggish demand, the chemical industry faced high destocking pressure, while international oil prices remained high. Recently, BASF, Dow, Wanhua, and other large chemical enterprises have released the first-quarter performance report of the 2023 fiscal year, showing that under the dual pressure of cost and inventory, the profit of chemical enterprises has declined significantly.
Asia
In the first quarter of 2023, the operating revenue of Rongsheng Petrochemical reached 69.721 billion yuan, up by 1.63% year-on-year; Net profit returned to the mother was 1.468 billion yuan, down 147.11% year-on-year.
Hengli Petrochemical achieved revenue of 56.144 billion yuan in the first quarter of 2023, with a year-on-year growth of 5.15%; Net profit attributable to shareholders of listed companies was about 1.02 billion yuan, down 75.85% year-on-year.
In the first quarter of 2023, the operating income of Sinochem was 42.591 billion yuan, with a year-on-year growth of 20.69%, and the net profit attributable to the parent company was 1.111 billion yuan, with a year-on-year growth of 13.72%.
The operating income of Wanhua Chemical in the first quarter of 2023 was 41.939 billion yuan, increasing by 0.37% compared with the same period last year; Net profit attributable to shareholders of listed companies was 4.053 billion yuan, down 24.58% from the same period last year.
In the first quarter of 2023, the operating income of Oriental Shenghong reached 29.53 billion yuan, with a year-on-year growth of 114.44%; Net profit attributable to the parent was 717 million yuan, up 4.75% year on year.
Hengyi Petrochemical achieved operating revenue of 28.381 billion yuan in the first quarter of 2023, down 14.65% year-on-year. Net profit attributable to shareholders of listed companies was 34.8463 million yuan, down 95.24% year-on-year.
In the first quarter of 2023, Tongkun achieved an operating income of 15.913 billion yuan, with a year-on-year growth of 22.47%; GUI mother’s net profit loss of 490 million yuan, down 132.61 percent year-on-year.
In the first quarter of 2023, Yuntianhua realized operating revenue of 15.885 billion yuan, with a year-on-year growth of 6.17%; Net profit returned to the mother was 1.572 billion yuan, down 4.45 percent year-on-year.
In the first quarter of 2023, the operating revenue of Sinochem International reached 14.766 billion yuan, down 21.64% year-on-year; Net profit attributable to shareholders of listed companies was 113 million yuan, down 71.33% year-on-year.
In the first quarter of 2023, the revenue of New Fengming was about 12.509 billion yuan, a year-on-year increase of 17.99%; Net profit attributable to shareholders of the listed company was approximately 189 million yuan, a decrease of 33.47% year-on-year.
Zhongtai Chemical achieved revenue of 10.706 billion yuan in the first quarter of 2023, decreasing by 28.65% year-on-year; Net profit loss attributable to shareholders of the listed company was approximately 322 million yuan.
SABIC’s first-quarter sales totaled 39.69 billion Saudi riyals, or $10.58 billion; Net profit was 660m Saudi riyals, or $180m, up 124 percent from the previous quarter.
LG Chem’s operating profit fell 22.8 percent to 791 billion won. Sales rose 24.9 percent year-on-year to 14.49 trillion won.
Lotte Chemical’s first-quarter sales fell 9.5 percent to 4.93 trillion won. The operating loss was 26.2 billion won, compared with 56.5 billion won in operating profit in the same period last year.
Hanwha Solutions posted 3.1 trillion won in sales and 271.4 billion won in operating profit in the first quarter of 2023, up 8.9 percent and 85.1 percent, respectively. Net profit rose 29.4 percent from a year earlier to Won133.4bn.
Mitsubishi Chemical reported sales of 4,634.5 billion yen in fiscal year 2022 (April 1, 2022 — March 31, 2023), up 16.5% year on year; Net profit was 135.15 billion yen, down 35.5 percent year-on-year.
Sumitomo Chemical’s sales for the fiscal year 2022 (April 1, 2022 — March 31, 2023) were 2,895.3 billion yen, up 5% from the same period last year; Net profit was Y7bn, down 96 percent from a year earlier.
Mitsui Chemical’s sales for the fiscal year 2022 (April 1, 2022 — March 31, 2023) were 1,879.5 billion yen, up 17% from the same period last year; Net profit was Y90.1bn, down 24 percent from a year earlier.
PTTGC’s first-quarter sales revenue was 147.248 billion baht, up 18% from the fourth quarter of 2022 and down 16% from the same period last year. Adjusted earnings before interest, taxes, depreciation, and amortization were 953 million baht, down 24 percent from a year earlier.
Indolama Ventures in Thailand saw first-quarter revenue fall 9% from a year earlier to $4 billion; EBITDA was $301 million, down 62% year-over-year.
Europe
Basf recorded sales of 20 billion euros in the first quarter of 2023, down 3.1 billion euros from the first quarter of last year; Earnings before interest and tax (EBIT) fell to €1.9bn, down 31.5% year on year; Net income was €1.6bn, up €340m on the same period last year.
Bayer Group reported sales of 14.389 billion euros in the first quarter of 2023, down 1.1% on a currency and portfolio-adjusted basis; EBITDA, before special items, fell 14.9% to 4.471 billion euros; Net profit fell 33.8 percent from a year earlier to €2.178bn.
Syngenta Group’s operating revenue in the first quarter of 2023 reached $9.2 billion, up 3% year on year; EBITDA increased 1% year-over-year to $1.9 billion.
Linde’s sales in the first quarter of 2023 were flat at $8.2 billion. Adjusted operating profit of $2.2 billion, up 16%; Adjusted net income was $1.693 billion, up 13% from the previous year.
Air Liquide’s sales in the first quarter of 2023 increased 4.2% year-on-year to 7.2 billion euros; Significant benefits of EUR 91 million were realized, representing a year-on-year increase of 18.1%.
Henkel Group recorded sales of 5.6 billion euros in the first quarter of 2023, up 6.6% from the same period last year. Sales in the adhesives division rose 6.8 percent year on year to 2.791 billion euros.
Evonik’s sales in the first quarter of 2023 were 4 billion euros, down 11% year-on-year; Adjusted EBITDA(earnings before interest, taxes, depreciation, and amortization) for the first quarter was 409 million euros, down 44 percent from a year earlier.
Coxtron’s sales in the first quarter of 2023 fell 20.1% year on year to 3.7 billion euros; EBITDA decreased 64.5% year-over-year to EUR286 million; Net profit was negative €26m.
Solvay’s sales grew 2% organically in the first quarter of 2023 to 3.2 billion euros; Underlying EBITDA grew organically by 22% to EUR839 million; Underlying net profit was €460m, up 24.5 percent from a year earlier.
Akzonobel’s sales in the first quarter of 2023 increased 5% year on year to EUR2.66 billion. Net profit fell 39 percent year-on-year to €94m.
Arkema reported sales of 2.5 billion euros in the first quarter of 2023, down 12.6% from the same period last year. Earnings before interest, tax, depreciation, and amortization were €367m and adjusted net income was €162m.
Lanxess recorded sales of 1.899 billion euros in the first quarter of 2023, down 1.7% year-on-year; Earnings before interest, tax, depreciation, and amortization fell 27.9 percent year-on-year to €189m.
Wacker achieved group sales of 1.74 billion euros in the first quarter of 2023, 16% lower than the same period last year; Earnings before interest, taxes, depreciation, and amortization (EBITDA) was €281 million, down 56% from a year ago; Net profit was €147m.
Clariant reported sales of 1.2 billion Swiss francs in the first quarter of 2023, compared with 1.262 billion Swiss francs in the first quarter of 2022. EBITDA fell 24 percent to SFr167m.
North America
Dow’s net sales decreased 22% year-over-year to $11.851 billion in the first quarter of 2023; a Net loss of $73 million.
Lyander Basil reported net sales of $10.247 billion in the first quarter of 2023, compared with $13.157 billion a year ago. Net income was $474 million, compared with $1.32 billion a year earlier.
Nutrien reported 1Q 2023 revenue of $6.107 billion, down 20% from a year ago. Net income was $576 million, down 58 percent from a year earlier.
Shandwick’s consolidated net sales increased 8.9% to $5.44 billion in the first quarter of 2023; Net profit reached $477 million, up 28.6 percent from a year earlier.
Codiward’s net sales increased 6% to $4.88 billion in the first quarter of 2023 compared to the same period last year. Operating EBITDA was $1.23 billion, up 18% from the prior year.
PPG reported net sales of $4.4 billion in the first quarter of 2023, up 2% from a year earlier. Net income of $264 million, an increase of 1,367%; Adjusted net income was $432 million, up 32 percent from a year earlier.
Legg Mason’s revenue totaled $3.6 billion in the first quarter of 2023, down 8% from a year earlier; Net income was $435 million, and adjusted EBITDA was $777 million.
Westlake Group reported net sales of $3.356 billion in the first quarter of 2023, compared with $4.056 billion in the same period last year; Net income was $394 million, compared with $756 million a year earlier.
Air Products sales for the second quarter of fiscal 2023 were $3.2 billion, up 9% from the prior year; GAAP net income was $450 million, down 16%; Adjusted EBITDA was $1.151 billion, up 13% from the prior year.
Dupont reported sales of $3 billion in the first quarter of 2023, down 8% from a year earlier; Operating EBITDA was $714 million, down 13% from the prior year.
Yabo’s net sales for the first quarter of 2023 were $2.6 billion, up 129%; Net income of $1.2 billion, up 389%; Adjusted EBITDA was $1.6 billion, up 269%.
Eastman’s first-quarter 2023 sales fell 11% to $2.412 billion; Adjusted EBITDA was $283 million, down 23% from the same period last year.
CF Industries’ first-quarter 2023 profit was $560 million, down from $883 million a year earlier; Net sales fell 29.8 percent from a year earlier to $2.012 billion.
Celanese net sales for the first quarter of 2023 were $2.9 billion, an increase of 22% over the same period last year. Operating income was $251 million and operating EBITDA was $596 million, up 70% and 34%, respectively.
Huntsman reported revenue of $1.606 billion in the first quarter of 2023, compared with $2.192 billion in the same period last year. Net income of $153 million compared to $223 million in the same period last year; Adjusted net income was $37 million, compared with $237 million in the same period last year.
Axalta’s first-quarter net sales rose 9.4% to $1.283.9 billion. Net profit returned to the mother was $60.5 million, up 45.78% year on year.
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