AgroPages-Limin Chemical’s 2019 revenue and net profit significantly increases over last year-Agricultural news

On 27th February, Limin Chemical released its business performance in 2019. Last year, the company recorded a revenue of Yuan2.834 billion, an operating profit of Yuan 387 million, a total profit of Yuan 383 million, and the net profit attributable to shareholders of Yuan 325 million, increasing, by 86.53%, 67.12%, 68.08% and 57.77%, respectively, over the last year.

The company’s rising performance during the reporting period is mainly attributable to the growing market demand for its products, as well as those of its the share-participating companies and share-holding subsidiaries, where the price and sales of relevant projects have both increased. Additionally, this growth is also attributed to the performance of the restructured Veyong.

Limin Chemical is mainly engaged in the research, production and sale of pesticide technicals and formulations under three product series, which are fungicides, insecticide and herbicides. The company is China’s leading manufacturer of protective bactericides and EBDC fungicides, as well as cymoxanil, phosethyl-al, pyrimethanil and metham, being highly regarded in the fungicide industry sector.

In June 2019, the company, in association with Xinrong Investment and Xinwei Investment, successfully acquired 100% stakes in Veyong for Yuan759 million, taking over 60% of equity at a cost of Yuan480 million.

Veyong’s pesticide business covers a variety of insecticide products, such as emamectin benzoate and abamectin, as well as an advanced continuous gas-phase synthesis technology for producing the herbicide, glufosinate-ammonium. Veyong’s veterinary product portfolio includes a number of veterinary products, such as tiamulin, ivermectin and eprinomectin, which make up for the company's gap in the veterinary sector.

Limin Chemical notes that there is considerable potential for developing biopesticides, but regardless of their technical advancement, biopesticides cannot replace chemical products. Instead, the combination of chemical products and biopesticides will be the future trend. Following the acquisition of Veyong, the company is prepared to support the research and development of biopesticides, to make its biopesticide business sector stronger and bigger.