Friday , July 19 2024

Vinachem sees profits jump 31 times in 6 months

Vietnam National Chemical Group reported profits of VND4.1 trillion ($175.6 million) in H1, up 31 times from 2021, thanks to rising fertilizer prices and post-Covid recovery of the agriculture sector.

Its six-month profits were twice the annual business target this year.

Revenues also rose by 26 percent to VND32.83 trillion, equivalent to two-thirds of its business plan.

Fertilizer and pesticide remained Vinachem’s key business, accounting for 60 percent of sales.

Many of its subsidiaries also recorded triple-digit growth to their profits, including Vietnam Apatite Company (up 410 percent), Southern Fertilizer JSC (up 297 percent), DAP – Vinachem JSC (up 233 percent) and Viet Tri Chemical JSC (207 percent).

2022 could be Vinachem’s most profitable year after the pandemic, Group Director Phung Quang Hiep said.

Brokerage VNDirect Securities reported that, in the first six months, chemical stocks saw liquidity surge by 134 percent year-on-year. The sector also attracted the highest capital inflow thanks to rising fertilizer and phosphorus prices, driven by the Russia-Ukraine conflict.

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