Anhui
Huaxing, a listed herbicide and insecticide manufacturer in China, achieved a
revenue increase of 38.08% YoY in H1 2013, reaching USD115.44 million. According
to the company, the revenue growth was mainly due to its product promotion at
home and aboard and the product structure adjustment. Another cause was that
one of its wholly subsidiaries namely Anhui Linearfull Modern Agriculture Co.,
Ltd. witnessed an outstanding revenue growth, increasing to USD38.74 million in
H1 2013, from USD11.38 million in H1 2012.
Meanwhile,
Anhui Huaxing's net profit turned loss into gain in the half year. In H1 2012,
Anhui Huaxing suffered a loss of USD0.88 million. Owning to the price rise of
glyphosate in H1 2013, the company's net profit in the half year turned to be
positive—USD2.15 million.
Pesticides,
as Anhui Huaxing's major business, brought revenue of about USD84.24 million in
H1 2013, up 6.77% YoY. The gross profit margin of it increased by 6.79
percentage points YoY as well, reaching 19.44% in the first half year. Among
the company's sub-industries of pesticides, fungicides' YoY revenue growth and
gross profit margin in H1 2013 were 29.22% and 27.91% respectively, much higher
than the others, even though the proportion that fungicide products accounted
in the total revenue was less than insecticide and herbicide products
accounted.
Sales
performance of Anhui Huaxing gained improvement in both domestic market and
overseas market in H1 2013, with a revenue growth of 29.33% and 24.54% YoY
respectively. The revenue at home captured a bigger proportion, reaching
USD81.98 million, compared with USD32.81 million from the overseas market.
According
to Anhui Huaxing, the pesticide projects it invests in currently mainly
includes relocation projects of 5,000t/a glyphosate, 6,000t/a monosultap and
6,000t/a bisultap. As of the end of H1 2013, 60.06% of the relocation project
process of glyphosate had been completed, and that of monosultap and bisultap
had completed 7.69%.
Last
but not least, it is worth noting that cash inflow on Anhui Huaxing's financial
activities in H1 2013 reached USD332.17 million, which was attributed to the
additional new stocks issued for CEFC Shanghai Oil Group Co., Ltd. (CEFC
Shanghai). Due to the financial activities, Anhui Huaxing's leadership had been
adjusted and Anhui Huaxing has become a subsidiary of CEFC Shanghai. As a
result, Anhui Huaxing's total assets increased by 98.87% on 30 June, 2013,
compared with that in the beginning of 2013, and its total liability dropped
49.70% in the closing balance, compared with that in the opening balance.
Table of Contents of Crop
Protection China Monthly Report:
The
rank of domestic listed pesticide enterprises by different indexes
Jiangsu
Changqing
Jiangsu
Huifeng
Lianhe
Chemical
Hefei
Fengle
Sanonda
Qianjiang
Biochemical
Noposion
Nanjing
Redsun
ABA
chemicals
Shandong
Shengli
Huapont-Nutrichem
Lier
Chemical
Hebei
Veyong
Shenghua
Biok
Nantong
Jiangshan
Zibo
Wanchang
Zhejiang
Wynca
Anhui
Huaxing
Jiangsu
Lanfeng
Jiangsu
Yangnong
Hunan
Haili
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