Net profit of petrochemical specialist Sinostar surges to $15.36m in Q1 2021

The company has bounced back after a net profit loss in the same period last year.

SGX-listed Sinostar PEC Holdings Limited, a producer and supplier of downstream petrochemical products within the Shandong Dongming Petrochemical Industrial Zone recovered from a net profit loss of $58k (CNY2.8m) in 2020 to a surging profit of $15.36m (CNY74.4m) in Q1 2021.

Revenue rose by 22.5% to $198.2m (CNY960.4m) in Q1 2021 from $161.88m (CNY784.2m) in the same period last year.

The group attributed the positive return of revenue to increase in production of most of the company’s products.

“The new polypropylene plant, which is currently undergoing trial productions, registered its maiden revenue contribution to the Group. Gross profit surged more than seven times to $22.67m (CNY109.8m) due to the expansion of gross margins, as average selling prices of petrochemicals such as propylene, polypropylene and MTBE rose during the quarter,” Sinostar said.

The group said it is optimistic with its FY2021 financial performance and will continue to manage its cash flow closely and focus on operational efficiency, optimise production and explore the international market for the group's high-quality polypropylene.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Around 56% of Singaporeans overspend their money during the season.
In 2021, GDP growth hit 7.1%.
The spectrum boost will deliver significant 5G coverage Australia-wide.
Over 270 entries were received from more than 25 countries.
Micro-businesses cited lack of funds as a barrier to technology adoption.
The supervisory roundtable was held virtually.
Winners will be awarded from the first to the second week of December.
Singtel had the most growth for the day.
Its performance improved in two categories.
The expected increase will be driven by three factors.
The two also discussed post-pandemic recovery.
It also recorded a strong performance for H1 2021, despite a net loss of $150.6m.
Jigger & Pony found itself retaining its ninth ranking.
The moderate increase was driven by expansions in five out of six indicators.