Jiutian Chemical Group recorded earnings for the 1QFY2021 ended March of RMB90.31 million ($18.46 million), 31.5 times greater than its 1QFY2020 earnings of RMB2.87 million.

The group’s revenue for the period grew 120% y-o-y to RMB439.25 million from RMB199.39 million previously. In its 1QFY2021 update released on April 28, the group attributes the higher revenue to higher sales volume and average selling prices of its main products, dimethylformamide (DMF) and methylamine.

Average selling prices of DMF and methylamine were RMB9,344 per tonne (+98% y-o-y) and RMB9,272 per tonne (+38% y-o-y) respectively, while sales volume grew 65% and 32% y-o-y respectively.

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