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Yangnong Chemical: Net profit in the first three quarters exceeds Yuan1 billion
Nov. 4, 2019
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ChinaFrom a single quarter perspective, in the third quarter of 2019, the company achieved a net profit of Yuan210 million after deducting the non-recurrent profit and loss, which was down 25.53% month on month.
The company's production and sales of dicamba have somewhat declined, thus leading to a decline in the sales of herbicides by 34% year on year. Due to the strict environmental regulations and work safety measures in China, the company's pyrethroids and other insecticide products increased both in volume and price, the product price increased by 9.65% year on year, while the sales increased by 11.02% year on year.
Yangnong Chemical is planning the acquisition of the intangible assets of difenoconazole, propiconazole, chlorfluazuron and haloxyfop-R-methyl from the Yangnong Group and its subsidiaries, Jiangsu Ruixiang, Ningxia Ruitai and Jiangsu Ruiheng, at Yuan128 million. At the end of the acquisition, the company will be in possession of the production technologies of all products, which will further enrich the product range of the company. In the meantime, the company is prepared to arrange the outsourced production of imidacloprid, acetamiprid and carbendazim to move toward the objective of becoming a large agricultural platform-based company.
Source: AgroNews
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