Glufosinate market opportunity attracts 6% increase in ENN-EC's pesticide revenue in 2015

According to ENN-EC's 2015 annual report, the company achieved sales income of 5.659 billion yuan, down 7.74% year on year (y-o-y), and shareholder profit of 806 million yuan, down 22.04% y-o-y. During the financial year, ENN-EC achieved satisfactory pesticide sales, which increased by 5.79% to reach 947 million yuan.

The company’s pesticide business is run by Hebei Veyong Bio-chemical Ltd and Inner Mongolian Veyong Bio-chemical Ltd, offering insecticides in the abamectin series, glufosinate-based herbicides, and azoxystrobin-based fungicides.

During the reported period, Veyong seized an opportunity in the herbicide market, investing in a 300-ton glufosinate project, which was brought on-stream in 2015. Veyong's 1,000-ton glufosinate project is expected to begin operations by October 2016. In the meantime, work on its 3,000-ton glufosinate project is also underway.

The company's herbicide product sales rose, and efforts were made to continue exploring the international market, which contributed to the increased sales income.