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Limin Group: net profit +53.5% YoY to USD43.6 million in H1 2020

In H1 2020, Limin Group Co., Ltd. (Limin Group) made revenue of USD379.5 million, up by 144.2% year on year, and net profit of USD43.6 million, up by 53.5% year on year.

 

Its main products - fungicides including mancozeb, cymoxanil, phosethyl-al, pyrimethanil, and metham - all rank first by sales in China. Its subsidiary Jiangsu Xinhe Agricultural Chemical Co., Ltd. runs the top 1 chlorothalonil production capacity.

 

In 2019, Limin Group acquired Veyong assets (incl. Hebei Veyong Bio-Chemical Co., Ltd., Hebei Veyong Pharmaceutical Co., Ltd. and Inner Mongolia New Veyong Bio-Chemical Pesticide Co., Ltd.) who run the production lines of insecticides (abamectin and emamectin benzoate), herbicides (glufosinate-ammonium), and several veterinary drugs.


In H1 2020, Limin Group achieved a year-on-year growth of 130.8% in the sales of pesticides, a result of:

²  The business expansion after the acquisition of Veyong assets;

²  The strong market demand for several products and the subsequent increases in sales volumes.

 

In H1 2020, Limin Group continued constructing its large-sized projects:

²  500 t/a Difenoconazole project which is expected to be completed in Q3 2020;

²  10,000 t/a EBDC project of its subsidiary which is expected to be put into operation in Q3 2020;

²  500 t/a Emamectin benzoate project of its subsidiary which just started constructing and is expected to be finished at the end of this year;

²  The 4th production line of chlorothalonil which is expected to be put into trial operation in Q4 2020.

 

Table : Revenue and gross margin of main business of Limin Chemical, H1 2020

Item

Revenue, million USD

YoY change

Gross margin

YoY change, percentage points

By product

Fungicides

124.7

41.3%

36.3%

5.4

Insecticides

179.0

367.2%

26.1%

2.3

Herbicides

36.4

75.0%

9.6%

-6.8

Veterinary drugs

28.7

863.7%

/

/

Others

10.6

110.3%

/

/

By region

Domestic

242.0

158.8%

30.9%

2.1

Overseas

137.5

122.2%

21.8%

-4.1

Source: Limin Chemical


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