Richful Lube Additives Co. reported a 71% surge in net profit for the first half of 2023, while lubricant marketer Lopal Tech Co. posted a 4% increase in sales revenue for its lubricants segment for the same period.
Richful Lube Additives
Richful earned a net profit of ¥250 million (U.S. $34 million) from January through June, a hefty jump from ¥146.1 million for the same period last year. Sales revenue rose 31% to ¥1.34 billion, which the company attributed mainly to an increase in sales of its lubricant additives.
The lubricant additives segment experienced a 36% increase in sales revenue to ¥1.3 billion. Lubricant additives accounted for 97% of the company’s sales in the period.
Headquartered in Xinxiang, Henan province, Richful’s facility there can manufacture up to about 100,000 metric tons per year of additive components and 15,000 t/y of additive packages.
Lopal
Lopal reported that sales revenue for its lubricants segment increased to ¥362.9 million for the first half of this year, compared to ¥350 million.
The company said it sold 22,592 tons of lubricants in the first half of this year, down slightly from 22,669 tons. Its lubricants production for the period decreased 5% to 21,023 tons, compared to 22,071 tons.
The company markets engine oils and gear oils under its Lopal brand and car care products, including coolants, under the 3ECARE brand.