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Limin Chemical achieves 56.2% YoY rise in 2019 net profit to USD45.4 million

Date:05-19-2020

By Think Real - In the past financial year, Limin Chemical Co., Ltd. (Limin Chemical) achieved growth in both revenue and net profit, which increased by 86.5% and 56.2% to USD399.5 million and USD45.4 million over the previous year, respectively.
  
Table : Financial performance of Limin Chemical, 2018, 2019 (million USD)
Index
2019
2018
YoY change
Revenue
399.5
214.2
86.5%
Cost of sales
378.2
198.3
90.7%
Net profit
45.4
29.1
56.2%
Distribution expenses
23.5
11.4
106.0%
Administrative expenses
35.6
18.6
91.3%
Financial expenses
6.2
3.2
95.1%
R&D investment
19.1
8.1
137.2%
-
Closing balance
Opening balance
YoY change
Total assets
672.3
385.8
74.3%
Debts
348.6
121.1
187.9%
Source: Limin Chemical
 
Table : Revenue and gross margin of main business of Limin Chemical, 2019
Item
Revenue, million USD
YoY change
Gross margin
YoY change, percentage points
By product
Fungicides
185.3
10.3%
30.2%
1.2
Insecticides
123.6
642.8%
25.5%
-0.41
Herbicides
46.8
76.3%
14.6%
-4.4
Veterinary drugs
25.5
/
37.1%
/
By region
Domestic
224.2
127.8%
30.2%
2.1
Overseas
175.3
51.3%
22.2%
-4.1
Source: Limin Chemical
 
Key reason for the performance growth is Limin Chemical’s acquisition of assets from Hebei Veyong Bio-Chemical Co., Ltd. (Veyong Bio-Chemical), which brought USD11.2 million as net profit to the former after being included into its consolidated financial statement on 31 May, 2019.
 
The acquisition involves Veyong Bio-Chemical itself and two related companies: Hebei Veyong Animal Pharmaceutical Co., Ltd. and Inner Mongolia New Veyong Bio-chemical Co., Ltd. (Inner Mongolia New Veyong).
 
In addition, Limin Chemical managed to maintain stable sales of its key products ethylene bisdithiocarbamate (EBDC) fungicides and chlorothalonil in the past year. What’s more, Hebei Shuangji Chemical Co., Ltd. (Shuangji Chemical) and Jiangsu Xinhe Agrochemical Co., Ltd., two subsidiaries of the company, also performed well during this period as expected.
 
In 2020, Limin Chemical prepares to proactively advance the construction of a production project for EBDC compounds with a designed capacity of 10,000t/a undertaken by Shuangji Chemical and another for emamectin benzoate with a capacity of 500t/a taken charge by Inner Mongolia New Veyong. The parent company itself is also proceeding with filing and procedures for environmental impact assessment on its expansion project for fosetyl-aluminium and green biological products with a capacity of 12,000t/a.
 
 
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