Yangnong Chemical net profit for first three quarters of 2022 to hit RMB1.638 bn

China’s Jiangsu Yangnong Chemical announced on October 21 its growth forecast for the first three quarters of 2022.

According to the announcement, Yangnong Chemical expects a net profit from January to September attributable to shareholders of about RMB1.638 billion a year-on-year increase of roughly RMB623 million, up 61% over RMB1.016 billion in the same period of last year. After deducting non-recurring profits and losses, the net profit from January to September 2022, attributable to shareholders is expected to be around RMB1.8 billion, an increase of roughly RMB812 million or up 82% year on year over RMB988 million of the previous year.

On the reasons for the predicted performance growth of the current period, Yangnong Chemical says that in the first three quarters of 2022, compared to the same period of the previous year, the prices of significant pesticides have increased over the same period of last year. On the other hand, the Phase III of Youjia Crop Protection, the company’s subsidiary, has been brought into full production, whilst the first part of Phase IV of the project is also operating successfully. The increases in production and sales helped to fulfil market needs, which has enabled significant performance growth for the company. 

Yangnong Chemical is engaged in the research, development, production and marketing of pesticide products, primarily covering insecticides, herbicides and fungicides. So far, the company has become a leading global pyrethroid manufacturer, backed by its core competencies. The company owns the largest number of pyrethroid products, ranking at the top of the global industrial sector. Currently, the company’s market share of sanitary pyrethroids in China is nearly 70%, whilst its production capacity of Dicamba is among the top global manufacturers.