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Limin Chemical achieves 56.2% YoY rise in 2019 net profit to USD45.4 million
May. 19, 2020
Limin Chemical Co., Ltd.
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ChinaTable : Financial performance of Limin Chemical, 2018, 2019 (million USD)
|
Index
|
2019
|
2018
|
YoY change
|
|
Revenue
|
399.5
|
214.2
|
86.5%
|
|
Cost of sales
|
378.2
|
198.3
|
90.7%
|
|
Net profit
|
45.4
|
29.1
|
56.2%
|
|
Distribution expenses
|
23.5
|
11.4
|
106.0%
|
|
Administrative expenses
|
35.6
|
18.6
|
91.3%
|
|
Financial expenses
|
6.2
|
3.2
|
95.1%
|
|
R&D investment
|
19.1
|
8.1
|
137.2%
|
|
-
|
Closing balance
|
Opening balance
|
YoY change
|
|
Total assets
|
672.3
|
385.8
|
74.3%
|
|
Debts
|
348.6
|
121.1
|
187.9%
|
Source: Limin Chemical
Table : Revenue and gross margin of main business of Limin Chemical, 2019
|
Item
|
Revenue, million USD
|
YoY change
|
Gross margin
|
YoY change, percentage points
|
|
|
By product
|
Fungicides
|
185.3
|
10.3%
|
30.2%
|
1.2
|
|
Insecticides
|
123.6
|
642.8%
|
25.5%
|
-0.41
|
|
|
Herbicides
|
46.8
|
76.3%
|
14.6%
|
-4.4
|
|
|
Veterinary drugs
|
25.5
|
/
|
37.1%
|
/
|
|
|
By region
|
Domestic
|
224.2
|
127.8%
|
30.2%
|
2.1
|
|
Overseas
|
175.3
|
51.3%
|
22.2%
|
-4.1
|
|
Source: Limin Chemical
Key reason for the performance growth is Limin Chemical’s acquisition of assets from Hebei Veyong Bio-Chemical Co., Ltd. (Veyong Bio-Chemical), which brought USD11.2 million as net profit to the former after being included into its consolidated financial statement on 31 May, 2019.
The acquisition involves Veyong Bio-Chemical itself and two related companies: Hebei Veyong Animal Pharmaceutical Co., Ltd. and Inner Mongolia New Veyong Bio-chemical Co., Ltd. (Inner Mongolia New Veyong).
In addition, Limin Chemical managed to maintain stable sales of its key products ethylene bisdithiocarbamate (EBDC) fungicides and chlorothalonil in the past year. What’s more, Hebei Shuangji Chemical Co., Ltd. (Shuangji Chemical) and Jiangsu Xinhe Agrochemical Co., Ltd., two subsidiaries of the company, also performed well during this period as expected.
In 2020, Limin Chemical prepares to proactively advance the construction of a production project for EBDC compounds with a designed capacity of 10,000t/a undertaken by Shuangji Chemical and another for emamectin benzoate with a capacity of 500t/a taken charge by Inner Mongolia New Veyong. The parent company itself is also proceeding with filing and procedures for environmental impact assessment on its expansion project for fosetyl-aluminium and green biological products with a capacity of 12,000t/a.
Source: AgroNews
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