Formosa Plastics Group reported a strong revenue performance for July, with its four major subsidiaries achieving consolidated revenues totaling NT$130.5 billion (US$4.3 billion). This marks a monthly increase of 3.1% and an annual growth of 10.3%, making it the second-highest revenue month of the year. Cumulative revenue for the first seven months of 2024 reached NT$876.98 billion (US$29 billion), up 3.1% year-on-year.
Among the subsidiaries, Formosa Plastics recorded a consolidated revenue of NT$17.71 billion (US$585 million), reflecting a 3.9% monthly increase and a 6.4% annual rise. This growth was fueled by strong sales of liquid alkali products, supported by favorable export schedules and market conditions in the PVC sector.
Nanya’s revenue grew to NT$22.53 billion (US$745 million), driven by a surge in polyester product demand and increased sales of electronic materials due to the launch of AI mobile phones and data transmission needs.
Taiwan Chemical experienced a revenue decline of 4.1% monthly to NT$30.02 billion (US$994 million), despite a 12.2% annual increase. This was due to plant maintenance and high shipping costs impacting customer orders.
Formosa Plastics’ refining business reported a 6.8% monthly and a 12.7% annual increase, with crude oil refining volumes rising and the average selling price per barrel increasing by US$2.5.
Overall, Formosa Plastics Group’s robust revenue performance in July underscores its strategic positioning and ability to capitalize on market dynamics across its diverse business segments.
