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.
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.