January 2, 2025 – Triple Rainbow Publishes Impressive Q3 2024 Financial Report
Triple Rainbow has recently released its third-quarter report for 2024, revealing strong performance across its business segments. For the first three quarters, the company achieved a revenue of RMB 939 million, marking a 1.60% increase compared to the same period last year. Notably, its net profit attributed to shareholders surged by 23.44% to RMB 261 million, while its net profit excluding non-recurring items rose by 26.61% to RMB 262 million. Additionally, the net cash flow generated from operating activities amounted to RMB 117 million, representing a significant 58.22% growth year-on-year.
In terms of business composition, Triple Rainbow’s new material and synthetic material process solutions accounted for the largest share, at 63.38%. This was closely followed by recycled and biodegradable material process solutions, which constituted 30.75% of the total. Industrial AI integrated application solutions made up 4.79%, while other business revenues contributed 1.09%.
According to AsiaMB’s Color Masterbatch Network, Triple Rainbow has been committed to the research and development of forward-looking polymer material technologies in recent years, particularly in the fields of chemical fibers, engineering plastics, and films. The company has achieved remarkable results in new material synthesis, including polyamide 6/66, functional polyesters, polycarbonate, and polybutylene terephthalate. In the recycled materials sector, Triple Rainbow has also actively deployed strategies, focusing on primary recycling of polyester and nylon 6. Furthermore, the company has ventured into the realm of bio-based materials, exploring options such as bio-based chemical fibers.
As a leading enterprise in the domestic polyamide EPC industry, Triple Rainbow’s technology covers 80% of the country’s production capacity. Notably, the acquisition of Polymetrix, a Swiss service provider specializing in solid-state polymerization and ultra-clean technology for polymer processing and recycling, has equipped the company with advanced solid-state polymerization technologies. These technologies have significantly bolstered Triple Rainbow’s production capabilities in various domains, including virgin/recycled polyester, virgin/recycled nylon, and PBT. Currently, the company boasts a 90% market share in the global virgin polyester industry and a 40% market share in the food-grade recycled polyester sector.
Moreover, Triple Rainbow has been actively expanding its international footprint. It has signed a food-grade recycled rPET project with Japan’s Circular PET Co., Ltd., which has been successfully commissioned and verified. Simultaneously, Polymetrix has successfully delivered food-grade recycled rPET projects to customers in emerging markets such as Mexico, indicating a thriving opportunity for recycled plastics in these regions.