On August 5, 2021 Kureha Corporation reported that it FY2021 1Q Results (Press release, Kureha Corporation, AUG 5, 2021, View Source [SID1234585847])
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Revenue recovered in Advanced Materials after the pandemic-related slump
• Higher core operating profit supported by Advanced Materials, Specialty Plastics and Other Operations
• Operating profit improved as a result of higher core operating profit
• Profit attributable to the Company increased as a result of higher profit before taxes
Advanced plastics Operating profit improved on higher sales volumes of PVDF, PPS and PGA: continued strong demand for PVDF binder in the automobile LiB market; enhanced production for PPS at a new facility; and PGA frac plugs sales steadily recovering in the post-pandemic shale oil and gas market Carbon products Operating profit remained flat despite higher sales volumes of carbon fiber insulation products for industrial high-heat furnacesAgrochemicals & Pharmaceuticals Sales volume growth of Kremezin, a therapeutic agent for chronic kidney failures, more than offset by a volume decline in agrochemical fungicides, together yielding lower operating profit Industrial chemicals Operating profit improved on higher sales volumes of organic chemicals
Home products / Fiber products Operating profit growth driven by higher ‘NEW Krewrap’ home products and ‘Seaguar’ fishing lines volumes Packaging materials Profit decreased due to higher raw materials cost despite improved revenue from heatshrink multilayer film, etc.
• The shale oil and gas market is gradually recovering as economic activity returns with rising oil prices
• Expanded the adaptation of PGA frac plugs in entire horizontal wells (full-bore use) at major customers by offering flexible volume price discounts since fall 2020
• Continues to promote the full-bore use and expand Kureha’s market share in high-/mid-temperature oilfields via flexible pricing and product design improvements, while developing improved PGA frac plugs for very low-temperature wells
• Aims to generate profit in the PGA business in FY2023 0 25 50 75 LiB binder application Other applications
• Robust PVDF sales continues on strong demand in the automobile LiB market since 3Q FY2020, driven by nations’ environment initiatives and subsidy policies promoting electric vehicles • Price negotiations underway to reflect rising raw materials cost
• Plans to increase the production of PVDF binder for automobile LiB applications at the Iwaki Factory, starting from February 2022
• Announces the decision to build a new PVDF plant (10,000tps) in Changshu, China on July 20, 2021