AgroPages-Jiangsu Yangnong earns USD185.6 million net profit in 2020, up 3.4% YoY-Agricultural news

By Think Real - In late March 2021, Jiangsu Yangnong Chemical Co., Ltd. (Jiangsu Yangnong) released a summary of its 2020 annual report, announcing positive growth in both revenue and profit.

In detail, the company attained USD1.5 billion and USD185.6 million as annual revenue and net profit attributable to equity holders of the parent company in 2020, up 13.0% and 3.4% over the previous year, respectively.

Table : Financial performance of Jiangsu Yangnong, 2019, 2020 (million USD)

Index	2020	2019	YoY change
Revenue	1,508.1	1,334.8	13.0%
Cost of sales	1,305.1	1,129.7	15.5%
Net profit	185.6	179.4	3.4%
Distribution expenses	33.5	46.1	-27.3%
Administrative expenses	77.4	77.8	-0.47%
Financial expenses	27.4	3.1	784.4%
R&D investment	51.0	49.1	3.9%
-	Closing balance	Opening balance	YoY change
Total assets	1,671.2	1,478.3	13.0%
Debts	758.3	702.6	7.9%

Source: Jiangsu Yangnong

Jiangsu Yangnong is primarily engaged in production and sales of pesticides, specifically including:

Insecticides: pyrethroid insecticides which are divided into hygienic insecticides and agricultural ones;

Herbicides: glyphosate, dicamba, etc;

Fungicides: fluazinam, pyraclostrobin, etc.

Key events in 2020

In the latest ranking of 2020 Top 100 Pesticide Companies in China (by sales), the company moved up from the fifth to the second place.

Sinochem Group Co., Ltd. and China National Chemical Corporation transferred their pesticide and seed assets and injected them into a newly founded company named Syngenta Group Co., Ltd., which then became the new controlling shareholder of Jiangsu Yangnong. Jiangsu Yangnong used to be a member of Sinochem Group Co., Ltd.

In January 2020, Jiangsu Youjia Crop Protection Co., Ltd. (Jiangsu Youjia), one of the subsidiaries of Jiangsu Yangnong, finished acquisition of 100% shares in Nantong Baoye Chemical Co., Ltd.