Q3 net profit of Jiangshan Agrochemical & Chemicals’ parent company increased 221.86%; PMIDA upgrade to cost RMB62.60 million

Chinese agrochemical company Jiangshan Agrochemical & Chemicals released its 2022 third quarter report and also announced an investment project on October 24. 

According to the 2022 third quarter report, Jiangshan’s net profit attributable to the parent company in the first three quarters of 2022 was RMB1.689 billion which is a year-on-year increase of 221.86%, The operating revenue was RMB7.1 billion, up 48.12% year on year. The basic earnings per year was RMB5.6863, up 221.86% year on year.

Jiangshan Agrochemical & Chemicals says the operating revenue increase is due to the increase in the sales price and sales volume of major products, while the increase in net profit attributable to parent company is because of the increase in the product profitability and the decrease in financial expenses in the current period. 

PMIDA is a major raw material for production of broad-spectrum burndown herbicide for post-emergence applications and an important intermediate for pesticide, medicine, rubber, electroplating and dye industries. PMIDA (N-Phosphonomethyl aminodiacetic acid) is an intermediate of Glyphosate. 

According to the investment announcement of Jiangshan Agrochemical & Chemicals, the company is prepared to conduct an optimization and upgrading of the PMIDA-related mother liquor wastewater treatment, for RMB62.6 million. The upgrade is expected to be completed by the end of February 2023, for improving the technical level of the wastewater treatment process. The implementation of the upgrade will further reduce discharge of the mother liquor wastewater from PMIDA production and enable utilization of the phosphorus and chlorine resources. This will safeguard the sustainable production and the profitability of PMIDA produced through the IDA process.

According to open information, the major scope of business of Jiangshan Agrochemical & Chemicals covers research, production and marketing of herbicides and pesticides, special chemicals, chemical intermediates, chlor alkali, new materials, as well as the cogeneration-based steam supply.