Weifang Rainbow reports 223.0% up in H1 2022 net profit

Shandong Weifang Rainbow Chemical Co., Ltd. (WeifangRainbow) reported positive growth in financial performance in its 2022 semi-annual report. Specifically, the company obtained USD1.1 billion and USD129.6million as revenue and net profit during the first six months this year, up 93.8%and 223.0% year on year, respectively.

Weifang Rainbow’s product line includes herbicides,insecticides, fungicides, plant growth regulators and seed treatment agents.During the first six months this year, herbicides ranked top among its productsby revenue of USD986.9 millionwith a 109.8% year-on-year growth, and the gross profit margin of this sectorreached 20.9%.

Rooted inChina, Weifang Rainbow has gained a foothold in the global agrochemical marketwith widespread market channels. The company owns four production bases inWeifang City & Qingdao City (Shandong Province, China), Pingluo City(Ningxia Hui Autonomous Region, China) and Argentina, respectively. In themeantime, it has established over 60 subsidiaries and branches outside China,serving for business development in more than 80 countries and regionsworldwide. The company has been ranking top on the list of Top 20 ChinesePesticides Exporters for six consecutive years.

In itsperformance report, Weifang Rainbow mentioned that it has beendedicated to extending its global sales network and speeding up application forpesticide registration in overseas markets through the following actions.

1. Finish in-depth investigation in pesticide marketsin Poland, Belarus, Iraq, Iran, Oman, Burkina Faso, Rwanda, Burundi, Namibia,Botswana, Mozambique, Algeria, etc;

2. Initiate orplan to initiate establishment of wholly owned subsidiaries/joint ventures orbranches in Russia, Kazakhstan, Rwanda, Angola, Botswana, etc;

3. Entirelypromote application for pesticide registration in target markets including Belarus, Iran, Rwanda, Botswana, Armenia, Bangladesh; injectadditional investment in application for pesticide registration in establishedmarkets, providing enriched and complete product lines to cater to differentdemands in different countries and regions.