Changqing Agrochemical achieves net profit of RMB173 million yuan in 1H 2023, annual 10,000-ton s-metolachlor project begins production

On August 15, Chinese agrochemical compamy Changqing Agrochemical released its semi-annual report, which stated that the company achieved an operating income of RMB2.004 billion yuan in the first half of 2023, down 5.90% year-on-year.

The net profit attributable to shareholders was RMB173 million yuan, down 14.48% year-on-year; the net profit attributable to shareholders net of non-recurring profits and losses was RMB176 million yuan, down 12.87% year-on-year.

In the first half of 2023, there was downward pressure on domestic and foreign economies. The overall pesticide market was depressed, export was frustrated, and product prices continued to decline, having imposed challenges to the company’s production and operation.

In the circumstance, via strengthened marketing, production, relocation and internal management arrangements, in the first half of 2023, Changqing Agrochemical could still achieve an operating income of RMB2.004 billion which was down 5.90% year on year, as well as a net profit attributable to shareholders of RMB173 million yuan which was down 14.48% year on year.
 
During the reporting period, the company could actively advance the construction of its new projects in the Hubei production base, where the annual 10,000-ton s-metolachlor project has begun production, the annual 1,000-ton bifenthrin technical project and the annual 2,000-ton fomesafen technical project have started trial production.

Meanwhile, the company has progressed with the relocation of the riverside factory, where civil works of four workshops have been completed and they are ready for equipment installation.