Keyuan Petrochemicals (“Keyuan”) (OTC: KYNP), a manufacturer and supplier of various petrochemical products in China, reported sales of $100.9 million after selling 121,092 metric tons (MT) of petrochemical products during the months of July and August. Monthly sales volume for the two months increased 21% compared to average monthly sales in the first six months of the year.
In the first and second quarter, the company recorded sales volume of 144,746 MT and 155,955 MT, respectively.
During July and August, the company sold approximately 23,000 MT of products out of the 24,000 metric tons of ending inventory for the second quarter.
Due to strong demand but low domestic supply in China the company expects to sell 660,000 MT of products this year.
To meet rising demand, the company has recently acquired 1.2 million square feet of land for $5.8 million to expand its operations. The land will be used for the construction of a storage facility, a raw material pre-treatment facility, asphalt production facility, and a Styrene-Butadiene-Styrene production facility.
Keyuan Petrochemicals, based in Ningbo, China, and operating through its 100% owned subsidiary, Keyuan Plastics, is a manufacturer and supplier of various petrochemical products. Keyuan's has an annual petrochemical manufacturing capacity of 550,000 MT of a variety of petrochemical products, with facilities for the storage and loading of raw materials and finished goods.