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Home > News > Chemicals

China BlueChemical reports 2024 revenue of RMB 11.946 billion

Source：Adsale Plastics Network Date ：2025-03-21 Editor ：RC
Copyright： This article was originally written/edited by Adsale Plastics Network (AdsaleCPRJ.com), republishing and excerpting are not allowed without permission. For any copyright infringement, we will pursue legal liability in accordance with the law.

China BlueChemical Ltd. has announced its audited annual results for the year 2024, with a revenue of RMB 11.946 billion and a gross profit of RMB 1.071 billion.


China BlueChem_2024 financial highlight.JPG

Financial highlights of China BlueChemical. (Source: China BlueChemical)

 

The Company’s profit declined in 2024, compared with 2023, due to two main reasons. First, its profit in 2023 included a one-time gain of RMB 852 million from the disposal of 67% equity interest in its subsidiary, CNOOC Tianye (now renamed as New Material Company). Second, the Company’s production and sales of urea reduced due to concurrent maintenance work at three of its urea plants in 2024, as well as the significant weakening in the prices of urea and other products.

 

“In the face of challenges, the Company has focused on three main areas: safe operation, cost reduction and efficiency enhancement, and market expansion, to optimize production management, strengthen cost control, and coordinate product marketing,” stated Xiaofeng HOU, Chairman and Executive Director of China BlueChem.

 

Details on sales

 

With regard to sales management, China BueChem has continued to strengthen market research and grasp market trends to enhance the effectiveness of its marketing efforts.

 

The Company has expanded the product market and explored the applications of the methanol fuel. In 2024, it sold 1,888 thousand tons of urea, 1,426 thousand tons of methanol, 509 thousand tons of phosphate fertilizers, 295 thousand tons of compound fertilizers and 266 thousand tons of acrylonitrile and related products.

 

During the year, it exported a total of 4 thousand tons of urea, 1.26 thousand tons of DAP, 9 thousand tons of methanol and 9 thousand tons of acrylonitrile.

 

2025 forecast

 

Looking ahead to 2025, the gap between domestic urea supply and demand still exists, and the urea market is expected to remain under pressure.

 

Methanol production capacity is projected to increase significantly compared with last year. At the same time, the planned capacity expansion of the downstream methanol operation will further increase the demand for methanol. Therefore, the methanol market may display a “boom in both supply and demand” trend.

 

The pattern of overcapacity of domestic acrylonitrile industry is prominent. The ABS industry remains the main growth point for downstream demand, but the new demand is insufficient to absorb the excess capacity.

 

Meanwhile, the global economy has entered a normal state of slow growth, and the export of acrylonitrile may still face certain resistance. Besides, the Hainan Free Trade Port policy provides strategic opportunities for the Company to deploy logistics and international trade.


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Source：Adsale Plastics Network Date ：2025-03-21 Editor ：RC
Copyright： This article was originally written/edited by Adsale Plastics Network (AdsaleCPRJ.com), republishing and excerpting are not allowed without permission. For any copyright infringement, we will pursue legal liability in accordance with the law.

China BlueChemical Ltd. has announced its audited annual results for the year 2024, with a revenue of RMB 11.946 billion and a gross profit of RMB 1.071 billion.


China BlueChem_2024 financial highlight.JPG

Financial highlights of China BlueChemical. (Source: China BlueChemical)

 

The Company’s profit declined in 2024, compared with 2023, due to two main reasons. First, its profit in 2023 included a one-time gain of RMB 852 million from the disposal of 67% equity interest in its subsidiary, CNOOC Tianye (now renamed as New Material Company). Second, the Company’s production and sales of urea reduced due to concurrent maintenance work at three of its urea plants in 2024, as well as the significant weakening in the prices of urea and other products.

 

“In the face of challenges, the Company has focused on three main areas: safe operation, cost reduction and efficiency enhancement, and market expansion, to optimize production management, strengthen cost control, and coordinate product marketing,” stated Xiaofeng HOU, Chairman and Executive Director of China BlueChem.

 

Details on sales

 

With regard to sales management, China BueChem has continued to strengthen market research and grasp market trends to enhance the effectiveness of its marketing efforts.

 

The Company has expanded the product market and explored the applications of the methanol fuel. In 2024, it sold 1,888 thousand tons of urea, 1,426 thousand tons of methanol, 509 thousand tons of phosphate fertilizers, 295 thousand tons of compound fertilizers and 266 thousand tons of acrylonitrile and related products.

 

During the year, it exported a total of 4 thousand tons of urea, 1.26 thousand tons of DAP, 9 thousand tons of methanol and 9 thousand tons of acrylonitrile.

 

2025 forecast

 

Looking ahead to 2025, the gap between domestic urea supply and demand still exists, and the urea market is expected to remain under pressure.

 

Methanol production capacity is projected to increase significantly compared with last year. At the same time, the planned capacity expansion of the downstream methanol operation will further increase the demand for methanol. Therefore, the methanol market may display a “boom in both supply and demand” trend.

 

The pattern of overcapacity of domestic acrylonitrile industry is prominent. The ABS industry remains the main growth point for downstream demand, but the new demand is insufficient to absorb the excess capacity.

 

Meanwhile, the global economy has entered a normal state of slow growth, and the export of acrylonitrile may still face certain resistance. Besides, the Hainan Free Trade Port policy provides strategic opportunities for the Company to deploy logistics and international trade.


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China BlueChemical reports 2024 revenue of RMB 11.946 billion

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