AgroPages-Huifeng Agrochemical achieves 163% increase in profit-Agricultural news

Jiangsu Huifeng Agrochemical Ltd. announced its 3rd quarter report for 2017 recently. During this period, Huifeng achieved a business income of Yuan2.89 billion, up 96.49% year on year and a net profit of Yuan94 million, recording a 163.1% increase. In the first three quarters of 2017, Huifeng achieved a total business income of Yuan8.939 billion, up 162.39% year on year, and a net profit of Yuan328 million, registering an increase of 134.08%.

	2017 Q3（Yuan）	Change（%）	2017 Q1-Q3（Yuan）	Change（%）
Operating Income	2,889,803,178.49	96.49	8,938,656,290.89	162.39
Net Income Attributable to Shareholders	94,392,658.13	163.10	328,433,120.65	134.08

Huifeng has estimated a net profit of Yuan419-506 million, attributable to shareholders, which will bring a 140-190% year-on-year increase. The announcement said that the performance could be achieved owing to the increase in quantity and price, the sales of patented products, the growing proportion of differentiated formulations, sound development of the subsidiary Huifeng Petrochemical and equity premium from assigned subsidiary Nongyi e-commerce.

Huifeng is in possession of 200,000-ton production capacity covering the synthesis of technical material, and processing and mixing of formulations. It is a leading company in the research and production of romoxynil octanoate technical, prochloraz technical and epoxiconazole technical.

In August, Huifeng changed its name from Jiangsu Huifeng Agrochemical to Huifeng Biological Farming. The company is preparing to engage itself in research, production and marketing of biopesticide, botanical pesticide, agro-microbial agent, compound microbial fertilizer and bio-organic fertilizer. The biological farming portfolio is expected to be a promising venture for the company.