Hailir: net profit +25.6% YoY to USD36.0 million in H1 2020

Hailir Pesticides and Chemicals Group (Hailir) released the H1 2020 financial report. In H1, the company made revenue of USD272.5 million, up by 33.3% year on year, and net profit of USD36.0 million, up by 25.6% year on year.

Such rises can be mainly attributed to:

1. Increased sales volume of pesticide technical. Hailir enlarged the development of sales channels and sales of its self-produced pesticide technical when the market price declined.

2. Stably improved sales of pesticide formulations. The price of pesticide technical purchased outside decreased and the corresponding gross profit margin increased.

3. Sound business operation. In H1, the company resumed production early and made active response to both domestic and foreign demands.

In H1, Hailir vigorously expanded the product range and production capacity:

1. The main body construction, equipment installation, and commissioning of thiamethoxam and clothianidin technical projects which were funded by self-raised capital were finished and the projects were put into trial operation.

2. The prothioconazole technical (fungicide) project construction and equipment installation were accelerated.

3. The dinotefuran technical project construction was under preparation.

4. Qingdao Hengning (subsidiary) was promoted to actively carry out product & process screening and project feasibility study.

5. Hailir continued to expand the overseas market. In H1, the company completed the filing for the establishment of Hailir’s Philippines company; now it is trying to set up overseas foundations in countries such as Brazil. All this is solid foundation for the company’s strategic expansion in international market.