CCM: Sichuan Guoguang: rise in revenue from pesticide business in 2015 08-29-2016

On 26 April, 2016, Sichuan Guoguang Agrochemical Co., Ltd. (Sichuan Guoguang) released its full-year 2015 financial figures. This was the company's first financial report after it got listed on the Shenzhen Stock Exchange on 20 March, 2015.
Specifically, its revenue from pesticide business reached USD56.81 million – RMB366.81 million (60.63% of the company's total), up 4.86% YoY, about 30% of which came from fungicides.



                                                                          Source: Baidu


However, the gross profit margin of pesticides fell by 1.07 percentage points YoY to 47.59%, for its cost of sales grew faster than the sales. Despite this, this figure is relatively high in the overall pesticide industry. In particular, "The gross profit margin of fungicides is around 40%, better than the average in China's fungicide industry," said Sichuan Guoguang.

 
Sichuan Guoguang's financial figures by business/product, 2015

Item

Revenue, million USD

YoY change, %

Cost of sales, million USD

YoY change, %

Gross profit margin, %

YoY change, percentage point

By business

Chemicals

93.51

3.69

48.66

5.51

47.97

-0.10

By product

Pesticides

56.81

4.86

29.77

7.05

47.59

-1.07

Fertilizers

36.70

1.92

18.88

3.18

48.55

-0.63

Source: Sichuan Guoguang Agrochemical Co., Ltd.


Sichuan Guoguang's sales volume of pesticides in 2015 went up by 8.46% YoY to 5,996 tonnes, and the corresponding output and stock increased by 12.46% and 4.78% YoY respectively.


The company's pesticide business mainly covers the R&D, production and sales of:


  • Fungicide formulations: mainly triadimefon, metalaxyl + mancozeb, mancozeb, zineb, prochloraz, tricyclazole, mancozeb + carbendazim, quintozene, thiophanate-methyl, hymexazol and procymidone
  • Plant growth regulators: mainly paclobutrazol, 1-naphthyl acetic acid, mepiquat chloride, ethephon, triacontanol, prochloraz + ethephon, paclobutrazol + mepiquat chloride, forchlorfenuron, 2,4-D Na, chlormequat, gibberellic acid and 4-indol-3-ylbutyric acid + 1-naphthyl acetic acid
  • Water soluble fertilizers: either amino acids or macro elements contained


Sichuan Guoguang's sales and output of pesticides, 2015, tonne

Industry

Item

2015

2014

YoY change

Pesticides

Sales volume

5,996

5,528

8.46%

Output

6,059

5,387

12.46%

Stock

1,381

1,318

4.78%

Source: Sichuan Guoguang Agrochemical Co., Ltd.


Overall, Sichuan Guoguang announced in its full-year 2015 financial annual report that:


  • Total revenue: USD93.71 million (RMB605.02 million), up 3.69% YoY
  • Total profit: USD24.30 million (RMB152.89 million), up 8.3% over USD22.44 million (RMB144.86 million) in 2014
  • Net profit: USD20.73 million (RMB133.81 million), up 8.28% YoY


Notably, thanks to the financial supports it got after listed on the Shenzhen Stock Exchange, as of 31 Dec., 2015, the company achieved:


  • Total assets: USD140.96 million (RMB910.13 million), up 83.66% YoY
  • Liabilities: USD12.15 million (RMB78.46 million), down 5.05% over USD12.80 million (RMB82.63 million) in 2014
  • Net assets: USD128.81 million (RMB831.67 million), up 101.4% YoY


Sichuan Guoguang's financial figures, 2013-2015, million USD

Item

2015

YoY change

2014

2013

Total revenue

93.71

3.69%

90.38

93.30

Net profit

20.73

8.28%

19.14

19.83

-

31 Dec., 2015

YoY change

31 Dec., 2014

31 Dec., 2013

Total assets

140.96

83.66%

76.75

74.10

Net assets

128.81

101.40%

63.96

52.56

Source: Sichuan Guoguang Agrochemical Co., Ltd.

 

This article comes from Fungicides China News 1605, CCM

 



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