Changqing Agrochemicals achieved 40.2% profit growth in 2018, fomesafen and other projects to ensure sustainable growth in future
Date:03-14-2019
Changqing Agrochemicals' annual report, published on the 8th March 2019, revealed that the company's revenues reached Yuan3 billion in 2018, which was a 33.6% increase year on year, and a net profit attributable to the mother company of Yuan320 million, marking a 40.2% increase year on year. In the reporting period, the gross profit ratio of the company was 25.3%, which was down 1.4% over last year, while the net profit ratio was 10.7%, which was 0.5% up over last year.
The main reasons for the company's growth in 2018 rests with the high market demand, the company’s effective production arrangement, increased sales and price rises in the market. The prices of imidacloprid and acetamiprid remained stable, with a slight increase. In 2018, the average price of imidacloprid was some Yuan188,200 per ton, 4.4% up year on year. The price of acetamiprid was Yuan190, 200 per ton, up 3.2% year on year. The price increases of imidacloprid and acetamiprid were the main reasons for the growth in business during the year.
Changqing Agrochemicals completed its 200-ton indoxacarb and 300-ton epoxiconazole projects, which started operations and contributed to the business performance of the company. In the next stage, the company will launch another six projects: fomesafen (2,000 tons), diafenthiuron (1,600 tons), acifluorfen (500 tons), dicamba (6,000 tons), intermediates hydroxylamine hydrochloride (5,000 tons) + clomazone (500 tons) and glufosinate (3,500 tons), delivering 19,100 tons of pesticide technical and related raw materials. After completion and becoming fully operational, these projects are expected to generate revenues of Yuan1.546 billion, which will bring a long-term impetus for the growth of the company.
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