Changqing Agrochemical sales up by 32% in 2011

Date:04-02-2012

Chinese pesticide manufacturer - Changqing Agrochemical achieved sales of RMB1.00 billion Yuan ($158.87 million at current rate) in 2011, 32.53% up year on year, where net profit attributable to shareholders of its mother company reached RMB113.44 million Yuan ($18.02 million), 6.38% up year on year, according to its latest annual report.

Backed up by high-quality product supply and service, Changqing Agrochemical continued and expanded its cooperation with multinational companies in 2011, leading to a significant growth of direct export to these companies as compared with last year. In the meantime the company has strengthened cooperation with Chinese pesticide trading companies in agency exportation, resulting in considerable growth of major products like imidacloprid and clethodim as compared with last year.

Changqing Agrochemical speeded up its process of independent overseas pesticide registration, having completed overseas registration of above 10 formulation products in 2011, which would play a good foundation for increase of percentage of direct exportation.

In 2011, supported by its raised fund, Changqing Agrochemical launched its 500 tonnes/year clethodim, 1,200 tonnes/year fomesafen (Phase 2) and the 300 tonnes/year nicosulfuron projects respectively; meanwhile its 500 tonnes/year fenoxanil project equipment is being commissioned, which is expected to be brought on stream in March 2012 and to become another source of growth for the company.

Sales of 2012 are expected to reach RMB1.25 billion Yuan ($198.59 million), 24.86% up year on year while profit also to grow accordingly.