The list of Fortune 500 China 2021 was released on July 20. Qixiang Tengda, a core enterprise of Cedar Chemical Group, ranked 399th with a revenue of 24.6859 billion RMB. Qixiang Tengda has been on the list for four consecutive years.
The aggregate operating income of Fortune 500 China this year reached 53 trillion RMB, up 5% year-on-year, with net profits reaching 4.3 trillion RMB, a year-on-year increase of around 2%.
Qixiang Tengda is a world leader across many sectors of fine chemical industry, as well as being the world’s largest producer of methyl ethyl ketone and maleic anhydride. In the face of the impact of the COVID-19 epidemic and the complex economic situation in 2020, Qixiang Tengda took proactive countermeasures. These achieved a total revenue of 24.6859 billion RMB and a net profit of 1.033 billion RMB, a year-on-year increase of 66.49%. As new projects were initiated, Qixiang Tengda hit a record high in 2020 for product output, with all products manufactured selling out.
Since Qixiang Tengda became a member of Cedar Holdings four years ago, its revenue has increased by 320% and its net profit by 94%. Thanks to the strong support of Cedar Holdings, Qixiang Tengda promotes technological innovation through international cooperation, fosters technical cooperation with the world’s top companies, adopts world-leading green technology in China, and strives to break through technological bottlenecks. Thanks recent years’ advance planning, Qixiang Tengda’s industrial chain expansion is enjoying the pro-cyclical dividends of the chemicals industry and ushering in a new round of rapid growth.
As a leading company in China’s comprehensive butane utilization industry, Qixiang Tengda has launched several new projects, aimed at improving composite strengths across the butane industry chain to create new profit growth areas. As production capacity increased, Qixiang Tengda saw better performance in the first quarter of this year: the newly commissioned 200 KTA NBR Latex project and the first-phase of MMA project (100 KTA) operated at full capacity in the first quarter. The 200 KTA MMA project and supporting projects were completed and put into operation in mid-March.
Qixiang Tengda’s multiple new projects are now underway. The 700 KTA PDH project is expected to be completed and in production before the end of this year; the 300 KTA propylene oxide project and the 200 KTA isononyl alcohol project are all progressing in good order. At the same time, in terms of the core products of methyl ethyl ketone and maleic anhydride, Qixiang Tengda will establish the 200 KTA maleic anhydride projecton the basis of the existing 200 KTA maleic anhydride plant. It also plans to invest 515 million RMB to expand the 80 KTA methyl ethyl ketone project. Following the expansion projects, the methyl ethyl ketone plant will have a design capacity of 260,000 kt per year, which will consolidate its position as industry leader with the largest production capacity in the world. As these new projects are being put into operation, Qixiang Tengda will continue to see great improvement in profitability.
