China’s Sinofert Holdings 2011 net profit up 27% at $107m

22 March 2012 09:19  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Sinofert Holdings on Thursday reported a 26.6% year-on-year increase in its full-year 2011 net profit to yuan (CNY) 678m ($107.3m), amid strong growth in domestic food demand and measures by the government to promote agricultural development.

The fertilizer major’s revenues rose by 25.4% year on year to Y36.7bn in 2011, boosted by increased volumes and average selling prices in most fertilizer products, the company said in a statement.

The firm’s overall sales volume rose by 6.15% to 16.5m tonnes in 2011, it said.

On a year-on-year basis, sales volumes of potash fertilizers, nitrogen fertilizers and compound fertilizers in 2011 grew by 14.1%, 9.2% and 18%, respectively, to 3.16m tonnes, 7.45m tonnes and 2.43m tonnes, it said.

Looking ahead, China’s central government is expected to strengthen efforts to support agricultural development and allocate more resources for the sector, said Feng Zhi Bin, the CEO of Sinofert.

“With the completion of the nationwide program to expand grain production capacity, the domestic fertilizer market is expected to grow steadily this year,” he added.

Sinofert is the flagship firm of Sinochem, one of the largest state-owned enterprises in China in terms of turnover.

($1 = CNY6.32)

By: Nurluqman Suratman

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