Sanonda ahead 37% in first half
ChemChina subsidiary Hubei Sanonda recorded a 37.1% increase in sales of "agricultural chemicals" to Yuan 1,557.5 million ($252.6 million at the current rate) in the first half of 2013. The company classifies both pesticides and chemical fertilisers as "agricultural chemicals". This category operated with a profit margin of 18.6% in the first half, up 6.2 percentage points on the same period last year. Sanonda’s agricultural chemical sales increased by 14.6% to Yuan 2,335.8 million ($378.8 million) in 2012 (Agrow No 662, p 5). Net profit was over five times the figure of 2012, at Yuan 127.5 million ($20.7 million). The company manufactured 33,200 tonnes of chemical pesticides during the six-month period, an increase of 58.8% on the same period last year. Makhteshim-Agan Industries, also a ChemChina subsidiary, is seeking to make an offer for a 20% stake in Sanonda (Agrow No 670, p 10).