AgroPages-Xinnong Chemical’s net profit up 69% in 2018, speeding up progress of pyraclostrobin project in 2019-Agricultural news

Xinnong Chemical’s net profit up 69% in 2018, speeding up progress of pyraclostrobin project in 2019

Recently, Zhejiang Xinnong Chemical announced its 2018 business report, detailing the company's 2018 business income of Yuan967 million, which is 19.62% up year on year, and a net profit of Yuan128 million, which is an increase of 68.52% year on year.

In 2018, the business development departments and marketing staffs worked hard on market exploration, focusing on development of formulation products. Via strengthened marketing activities and optimization of customer portfolios, the company saw further sales growth. Zhejiang Xinnong Chemical's innovative zinc thiazole-based formulations were marketed with significant growth, as supported by satisfactory technical services, which resulted in a continued optimization of its customer portfolio. Also, the company’s pesticide technical and intermediates businesses grew dramatically, with sales of each of its five key products exceeding Yuan100 million, whilst the proportion of strategic customers and key customers reached 90%, which assisted the company's business growth .

In 2018, Xinnong Chemical continued to increase investment in technical research. The research expenditure of the company reached Yuan48.2627 million, which is an increase of 39.87% over 2017.

In 2018, Xinnong Chemical offered its IPO for the first time. According to the annual report of the company, the construction of the four fundraising covered projects, including the pyraclostrobin project and hydrogenation renovation, is treated as a top priority in company efforts for 2019. The staffs of the company at all levels are making all efforts to speed up the implementation of these projects, to achieve the project milestones, as planned.