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

 

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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