Earnings Jump for Richful, Lopal

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Earnings Jump for Richful, Lopal

Chinese companies Jiangsu Lopal Tech Co. and Richful Lube Additive Co. each reported increases in profits for the fourth quarter of 2021 and for the full year.

Richful’s fourth-quarter net profit reached ¥65.4 million (U.S. $10.3 million), improving 22% from ¥53.7 million. The company reported net profit of ¥201 million in 2021, a 10% increase from ¥182.9 million in 2020 and a 105% swing from ¥98.4 million in 2019.

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Operating income ballooned to ¥405.4 million in the quarter, a 63% jump from ¥249.4 million. For last year, operating income reached 1.1 billion, a 26% increase from ¥860.9 million in 2020 and up 65% from ¥656.7 million in 2019.

Lube additives operating income for Richful reached ¥996.1 million in 2021, a 26% increase from ¥789.1 million in 2020.

Richful operates a factory in Xinxiang, Henan province – where it is headquartered – with capacity to produce about 100,000 metric tons per year of additive components and 15,000 t/y of packages.

Fourth-quarter net profit for Lopal ballooned 168% to ¥157.9 million, up from ¥58.9 million. Lopal reported net profit of ¥350.8 million for full-year 2021, a 73% increase from ¥202.8 million in 2020. It was also up 176% from ¥127.4 million in 2019.

Operating income in the fourth quarter skyrocketed 215% to ¥1.7 billion, improving from ¥544.4 million. For the full year, operating income for 2021 surged 112% to ¥4.1 billion, compared with ¥1.9 billion in 2020. It was also up 137% from ¥1.7 million in 2019.

The company markets engine oils and gear oils under its Lopal brand and car care products, like coolants, under the 3ECARE brand.

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