Shenghua Biok's agchem sales soar
Chinese chemical company Shenghua Biok (Zhejiang) more than doubled its agrochemical sales to Yuan 1,229.9 million ($179.3 million at current rate) in the first half of 2008. Sales amounted to Yuan 561.6 million ($81.9 million) in the same period last year. Agrochemicals comprised 68.3% of the company’s total sales, while 80.8% of revenues were generated by exports, more than double last year’s figure. The herbicide, glyphosate, accounted for 18.3% of agrochemical sales, and it was up more than three-fold on last year. The glyphosate intermediate, N-(phosphonomethyl) iminodiacetic acid (PMIDA), made up 12.3% of sales, and saw revenue growth of more than three-fold. The gross profit margin for glyphosate increased by 27.1%, and for PMIDA by 35.6% over last year. The increase in gross profit margin on the company’s agrochemical sales can be attributed to the rise in the retail price of glyphosate and other pesticides, the company notes.