AgroPages-Huifeng Agrochemical’s business income in H1 up 200%-Agricultural news

Huifeng Agrochemical’s business income in H1 up 200%

According to the First Half (H1) 2017 Report issued by Jiangsu Huifeng Agrochemical Ltd., the business income of the company for the January to June 2017 period reached Yuan6.049 billion, up 212.45 percent year-on-year and the net profit attributable to shareholders reached Yuan234 million, up 124.12 percent year-on-year.

-	1H 2017（yuan）	1H 2016 （yuan）	Change （%）
Operation Revenue	6,048,853,112.40	1,935,940,887.95	212.45%
Net Income Attributable to Shareholders	234,040,462.52	104,428,208.62	124.12%

The report further said convertible bond-oriented projects were implemented during the report period, of which the Trinexapac-Ethyl project has been brought into production, while the Glufosinate and the Methoxyfenozide projects have been secured.

With the prohibition of Paraquat and the increasing serious issue of Glyphosate resistance, growing demand for Glufosinate is foreseen, which is expected to become the company’s new source of profitability. After these new projects become operational, the company’s profitability will increase continuously to the benefit of enhancement of the comprehensive competitive edge of the company.

Huifeng Agrochemical has currently a production capacity of 200,000 tons of technical material and formulations, being an industry leader in research and production of the Prochloraz technical, the Bromoxynil Octanoate technical and the Epoxiconazole technical.

In 2016, business income of the company reached Yuan5.84 billion and net profit attributable to shareholders reached Yuan174 million, of which pesticide and intermediate income reached Yuan3.178 billion, while business profit reached Yuan594 million, up 27.88 percent year-on-year.