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Jiangsu Yangnong: net profit down by 15.2% YoY to USD32.1 million in H1 2016
Sep. 28, 2016
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China Revenue: USD240.7 million, down by 11.5% YoY
Net profit: USD32.1 million, down by 15.2% YoY
Jiangsu Yangnong is the largest hygienic insecticide manufacturer in China, also involved in producing herbicides such as dicamba and glyphosate. In H1, impacted by the overall sluggish pesticide market, the company showed declines in sales. Specifically, the domestic sales of hygienic insecticides were down by 10.3% YoY, however still in the lead regarding the item of “market share”. By contrast, the foreign figure went up by 19.0% YoY.
Domestically, Jiangsu Yangnong achieved a rise of 24.0% YoY in sales of pesticide formulations. However, it recorded a fall of 22.4% in sales of pesticides (incl. both formulations and technical), set back by the languishing domestic agrochemical market, which further was impacted by many factors such as decreased price of agricultural produce.
In January-June, Jiangsu Yangnong made great efforts in the export business of key products such as glyphosate, lambda-cyhalothrin and bifenthrin. However, due to the price falls, its export value (self-run) was down by 4.3% to USD150.5 million.
Table 2: Revenue and gross margin of main business of Jiangsu Yangnong, H1 2016
|
Item
|
Revenue,
million USD
|
YoY change
|
Gross margin
|
YoY change,
percentage points
|
|
|
By product
|
Insecticides
|
140.1
|
2.6%
|
29.8%
|
2.4
|
|
Herbicides
|
82.2
|
-21.9%
|
23.5%
|
-1.4
|
|
|
Others
|
14.4
|
-45.5%
|
13.3%
|
-1.9
|
|
|
By region
|
Domestic
|
86.3
|
-22.4%
|
/
|
/
|
|
Overseas
|
150.5
|
-4.3%
|
/
|
/
|
|
Source: Think Real
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