Red Sun's 2022 net profit to achieve 122.17%-127.51%, turning from deficits to profit

Date:02-02-2023

On January 30, Nanjing Red Sun Co., Ltd issued its 2022 performance forecast, revealing that the company’s overall business performance in 2022 becomes profitable.

According to the performance forecast, the net profit of Red Sun attributable to shareholders of the listed company in 2022 ranges between RMB830 million to 1.03 billion, which is a profitable figure versus the loss of previous year; basic earnings per share range between RMB1.43 yuan to RMB1.77 yuan. During the reporting period, the company expects to achieve a year-on-year increase of net profit attributable to shareholders of the listed company by 122.17% - 127.51%; net profit after deducting non-recurring profit and loss is expected to increase by 436.52% - 519.06% year on year. 

During the reporting period, in the face of adverse factors such as the global economic downturn, the continued high price level of raw materials and the constant reemergence of COVID-19, the company has fully utilized its green pesticide industry chain advantages, having seized the opportunities of the boomed development of green agrochemical industry to implement the strategy of ″major product focusing, industrial upgrading and digital transformation.″ On the one hand, through its ″technical innovation and industry chain optimization″ initiative, the company achieved the goal of cost reduction and efficiency increase in the course of production while working on innovative product series development covering diquat dichloride, chlorantraniliprole, L-glufosinate, glufosinate, 2,2’-dipyridyl. On the other hand, via market innovation and resource integration, the company ensured a successful market development and availability of incoming supplies. 

Hence, the sales volume, pricing and gross profit margin of main products have all increased significantly year on year, which contribute to the improvement of the economic benefits of the company.