Limin Chemical sees 95% profit increase, backed up by commissioned complexed mancozeb financed via IPO
Date:09-14-2016
The 2016 mid-year report of Chinese agrochemical company Limin Chemical reveals steady growth of the company’s business income and profits, which totaled 538 million yuan, a 23.36% increase year on year in the first half of 2016. The net profit was attributable to the mother company’s increase of 58.9437 million yuan, up 95.24% year on year.
During the reporting period, one of the IPO financed projects of the company - the annual 25,000-ton complexed mancozeb technical and formulations, were brought into production, which resulted in considerable sales. Furthermore, up until the end of the reporting period, the 5,000-ton propineb project and the 20,000-ton metham sodium project have been installed and are presently being commissioned.
During the report period, sales of all pesticide products have increased, of which the sales of agricultural fungicide increased 24.5%, agricultural insecticide increased 57.39%, while herbicides and others increased 148.61%.
Limin Chemical estimates that its net profit from January to September this year, which is to be distributed among shareholders, will range from 61.1548 million yuan to 71.9468 million yuan, a 70-100% increase year on year. The reasons for the greater profits are due to the company’s increased subsidy, increased investment returns and completed projects financed through the IPO.
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