Today (September 27th), Hangzhou Grascent Co., Ltd. (Grascent) has updated its prospectus and released its financial data for the first half of this year.
In the first half of this year, Grascent had a revenue of 342 million yuan ($46.78 million) and a net profit of 42.5572 million yuan ($5.82 million), with the main revenue coming from the sales of products in the turpentine, cedarwood oil, and synthetic fragrance series. Among them, the turpentine series products accounted for 127 million yuan ($17.37 million) in sales, representing 36.72% of the overall revenue, and the revenue from synthetic fragrances was 129 million yuan ($17.64 million), accounting for 37.65%.
The company’s clients include international renowned fragrance and flavor companies as well as major cosmetics giants such as Procter & Gamble, Givaudan, Firmenich, and Symrise. In the first half of 2023, its top five customers were Givaudan, AAC, Symrise, Firmenich, and VENTOS, with revenues of 40.955 million yuan ($5.6 million), 33.8567 million yuan ($4.63 million), 21.9398 million yuan ($3 million), 21.4102 million yuan ($2.93 million), and 15.839 million yuan ($2.17 million), respectively.
Furthermore, Grascent mentioned that from 2020 to the first half of 2023, the proportion of foreign sales revenue in the company’s main business was 83.73%, 84.38%, 85.95%, and 88.41%, respectively. Among them, the proportion of revenue from the United States region in the main business was 14.34%, 14.12%, 9.50%, and 6.40%, respectively.
Public information shows that Grascent was established in 1999 and is mainly engaged in the research, production, and sales of bio-based fragrances and synthetic fragrances. It has formed three product series: turpentine, cedarwood oil, and synthetic fragrances. The specific products mainly include sandalwood, methyl cedryl ketone, and turmeric ketone series, among nearly 40 segmented varieties, which are mainly used as raw materials for formulating cosmetic fragrances.
