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Jiangsu Yangnong reports 91.4% up in H1 2022 net profit

 

Jiangsu Yangnong Chemical Co., Ltd. (Jiangsu Yangnong) released in its 2022 semi-annual report that it achieved growth in both revenue and profit during the first six months this year. Specifically, it attained USD1.4 billion and USD0.22 billion as revenue and net profit, up 43.1% and 91.4% over the same period last year.

 

Table 1: Key financial indicators of Jiangsu Yangnong, H1 of 2018~2022, billion USD

Index

H1 2022

H1 2021

H1 2020

H1 2019

H1 2018

Revenue

1.39

0.97

0.86

0.76

0.45

Net profit

0.22

0.11

0.12

0.12

0.08

Net profit after deducting non-recurring gains and losses

0.23

0.11

0.12

0.08

0.08

Gross profit margin

27.8%

24.0%

26.8%

34.8%

31.2%

Balance ratio

49.9%

46.9%

50.6%

37.1%

36.4%

Source: Jiangsu Yangnong

 

Pyrethroid insecticides, glyphosate, dicamba, fluazinam and pyraclostrobin are Jiangsu Yangnong’s major products.

 

In the first half of 2022, the company realized a 38.86% year-on-year growth in sales of pesticide technicals. The sales from its trade sector also climbed rapidly by 105% year on year to USD0.3 billion.

There are three reasons for the performance growth.

 

First, increase in prices of major products. Compared with the same period last year, the average price of pesticide technicals rose by 38.79% and the one of formulations hiked by 55.74%.

 

Second, the new capacity in Jiangsu Youjia Crop Protection Co., Ltd., one of the subsidiaries of the company, has gradually been put into operation.

 

Third, as an affiliated member of Syngenta Group Co., Ltd., the leading agrochemical giant in China, Jiangsu Yangnong was able to accelerate its penetration into the global market aided by the resources provided by the former.


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