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ADAMA predicts 88.7% year-on-year drop in 2019 net profit

On 31 March, 2020, ADAMA Ltd. (ADAMA) released its preannouncement for financial performance in 2019, according to which its annual revenue increased by 2.6% to USD3.9 billion and the net profit fell 88.7% to USD39.3 million.


Reasons for the dropping profit, according to the company, are as follow.

1. Instable operation of the old production base in Jingzhou City, Hubei Province, China;

2. Reduction in product demand due to impacts from floods in North America and droughts in Southeast Asia and Australia;

3. Trade conflicts between China and the United States.

 

ADAMA anticipated multiple factors that will influence product supply and demand in the future, such as the impact of COVID-19, high costs of down time in its Jingzhou production base in most of the time of the first quarter this year, and depreciation of currencies of many countries (especially the Brazilian Real) against US dollar.

 

So far, since COVID-19 has gradually been under control in China, ADAMA’s production bases and most of the domestic upstream suppliers in the country have successively recovered production, and the logistics and supply channels have become clear now.

 

Although logistics channels and supply chains in many of the world’s areas have been restrained due to the impact from COVID-19, the company’s key production bases worldwide keep running so far.

 

Yet, the rapid development of COVID-19 in the world would create uncertainties on the operation situation of the company in the rest quarters this year.


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