Rainbow 2021 net profit expected to reach nearly RMB 850 million

Rainbow released its 2021 annual performance preannouncement on January 7, revealing an increased operational performance in the reporting period, with net profit attributable to listed shareholders between RMB 700 million and 850 million. 

This was an increase of 59.95% to 94.23% over the previous year. The basic earnings per share is RMB 2.97 to 3.60.

During the reporting period, the food security concern caused by the COVID-19 pandemic facilitated the strong demand for bulk farm products and raised the prices of agricultural products. The high price level of bulk agricultural products led to the expansion of growers’ planting area and increased demand for agricultural inputs. This resulted in a booming global crop protection market. Accordingly, Rainbow’s major product sales and prices both increased, contributing to the annual performance growth year on year.

The performance preannouncement says that the company is currently progressing in an orderly manner under the medium-term strategic plan and the annual work plan of the company. The company will continue its focus on advanced manufacturing as backed up by its research, development and innovation capacity. It is prepared to improve its global marketing network further. So far, the progress and quality of work this year show a better result than expected.