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Hubei Xingfa’s glyphosate business grows by 41.0% YoY in 2016
May. 18, 2017
Moreover, the revenue from its glyphosate business was USD284.1 million in 2016, rising by 41.0% year on year; its gross profit margin of the business was 20.3%.
In 2016, the net profit of Hubei Taisheng Chemical Co., Ltd., a subsidiary of Hubei Xingfa, hit USD25.8 million, growing by around 42.4% year on year, which provided important support for the growth in its overall performance. The reason behind the net profit growth was the rising price of glyphosate in the second half of 2016, which enhanced its profitability.
During the report period, the 100% shares of the wholly-owned subsidiary of Hubei Xingfa, Xingshan County Xiakougang Co., Ltd., was transferred to its controlling shareholder, Yichang Xingfa Group Co., Ltd. The transaction increased its net profit by USD8.5 million.
Table: Revenue and gross margin of main business of Hubei Xingfa, 2016
|
Item
|
Revenue,
million USD
|
YoY change
|
Gross margin
|
YoY change,
percentage points
|
|
|
By product
|
Phosphate rock
|
142.7
|
3.2%
|
66.7%
|
0.3
|
|
Fine phosphate
|
365.3
|
3.2%
|
17.7%
|
-1.2
|
|
|
Fertilizers
|
196.8
|
-24.8%
|
3.3%
|
-10.2
|
|
|
Organosilicon
|
140.2
|
142.6%
|
10.2%
|
11.2
|
|
|
Chlor-alkali products
|
39.4
|
3.4%
|
11.8%
|
-17.7
|
|
|
Glyphosate
|
284.3
|
41.0%
|
20.3%
|
5.4
|
|
|
Trade
|
900.0
|
26.3%
|
1.3%
|
-1.5
|
|
|
By region
|
Domestic market
|
1,736.2
|
18.4%
|
12.1%
|
-2.1
|
|
Overseas market
|
338.1
|
10.4%
|
14.4%
|
-1.7
|
|
Source: Think Real
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