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Sinofert Announced 2020 Annual Results Total Sales Volume of Special Fertilizers and Differentiated Fertilizers Leapfrogs 37% YoY

Date:2021-03-30     source:

2020 Annual Results Highlights:

● Sales volume amounted to 12.17 million tons, representing an increase of 5.73% year-on-year.

● Total sales volume of special fertilizers and differentiated fertilizers amounted to 1.05 million tons, up by 37% year-on-year.

● Profit attributable to owners of the Company recorded RMB 644 million, representing an increase of 4.55% year-on-year.

● The Board of directors recommended the payment of a final dividend of 3.27 HK cents per share, up by 11.22% year-on-year.

(30 March 2021, Hong Kong) Sinofert Holdings Limited ("Sinofert" or the "Company", together with its subsidiaries collectively known as the "Group") (stock code: 297.HK) announced the annual results for the twelve months ended 31 December 2020 (the "Period”).

For the year ended 31 December 2020, total sales volume of the Group amounted to 12.17 million tons, representing an increase of 5.73% year-on-year. Revenue was RMB 21.38 billion, down by 6.84% year-on-year mainly due to decreasing average selling prices. Profit attributable to owners of the Company recorded RMB 644 million, representing an increase of 4.55% year-on-year and achieving a steady growth in financial results in a harsh business environment. Taking into account the Company’s profitability, return on equity and funding requirements for future development, the Board of directors recommended the payment of a final dividend of HK 3.27 cents per share, up by 11.22% year-on-year.

In 2020, the Group focused on research in key underlying technologies such as quality and output improvement, fertilizer application reduction and efficiency enhancement as well as soil improvement. The Group identified key R&D directions, and promoted upgrade of existing technology system. Also, the Group developed and upgraded 11 new crop nutrition products during the year, and transformed new technologies that gave birth to sales volume of 751,000 tons, an increase by 40% year on year. The Group conducted independent R&D in S-M50 slow-release technology which significantly enhanced the slow release of nitrogen. A highly effective system was established for the selection and evaluation of agricultural microbial bacteria strains, and bio-fertilizer products were developed through self-research and external cooperation. The Group independently developed special fertilizer products such as suspended fertilizer and functional water-soluble fertilizer, and achieved their commercialization and promotion. The group cooperated with Syngenta Group’s members engaging in crop protection business in China to developed compound fertilizer called Lanlin-Guanwushuang, which yielded obvious effect of quality improvement and output increase aiming at cash crops. The second-generation basic fertilizers for efficiency improvement such as Meilinmei and Linbao were jointly developed and commercialised by the Group and the Chinese Academy of Agricultural Sciences. In the future, the Group will focus on research and development of biofertilizers and special fertilizers for crop nutrition, constantly upgrade existing product portfolio and enhance core competitiveness.

During the Period, total sales volume of special fertilizers and differentiated fertilizers was 1.05 million tons, an increase by 37% over the corresponding period in 2019. Thereinto, sales volume of special fertilizers was 90,000 tons, up by 80% year-on-year. Sales volume of differentiated compound fertilizer was 640,000 tons, an increase by 19% over the corresponding period in 2019. Sales volume of differentiated nitrogen fertilizer was 220,000 tons, up by 30% year on year; and sales volume of new phosphate fertilizer was 90,000 tons, up by 62% year on year.

During the Period, the three operating segments of the Group, namely, Basic Fertilizers Segment, Distribution Segment and Production Segment were well developed. In particular, the Basic Fertilizers Segment continued to strengthen its capability of logistics support, deepened the strategic procurement model, cooperated with suppliers to cut short the logistics procedures, and continuously increased the promotion of technology-based products. During the Period, the Basic Fertilizers Segment made a profit of RMB 510 million, up by 3.24% over the corresponding period in 2019. The Distribution Segment extended its coverage in the core markets, relied on diversified channels to develop the markets where its presence was weak, promoted the transformation and upgrading of traditional channels, and continuously improved the contribution of volume and profit of differentiated products through integrating operation of research. The Distribution Segment made a profit of RMB 150 million in 2020, up by 38.89% over the corresponding period in 2019. Major fertilizer production subsidiaries of the Production Segment continued to strengthen basic work, kept a safe, continuous, and stable operation, implemented process optimization, cost reduction and efficiency enhancement, and actively explored the market. The Production Segment made a profit of RMB 226 million, down by 14.72% over the corresponding period in 2019, mainly attributable to the production suspension of Sinochem Chongqing Fuling Chemicals Co., Ltd.

As at 31 December 2020, the Group’s current ratio was 1.09, and the debt-to-equity ratio was 21.64%. The Group enjoyed relatively high credit line, and it had smooth financing channels and diversified fund-raising methods. The Group maintained a stable financial structure through actively taking various operating measures.

Mr. J. Erik Fyrwald, Chairman of Sinofert, states, “In 2020, facing such overwhelming market challenges, the Group firmly implemented various strategic initiatives determined at the beginning of the year, which include formulating an innovative “online sales and offline service” model, optimizing channel structure and implementing specialized operation, to duly seize market opportunities and achieve fruitful result on various fronts. In 2021, the Group will continue to focus on business transformation and upgrading, follow the trend of agricultural supply-side reform and the rapidly changing fertilizer industry, take root in modern agriculture, and streamline the operational structure so as to achieve stable and sustainable growth.”

Mr. Qin Hengde, Executive Director and Chief Executive Officer of Sinofert, said, “As China’s leading technology-based marketing and service provider in crop nutrition, Sinofert will take the initiative to promote the modernization of China’s agriculture and the healthy development of the fertilizer industry. Under the strategic framework of Syngenta Group China, we bring together global innovation capabilities, enable local solutions, enhance the overall level of technological innovation in the industry, and comprehensively promote the transformation of China’s agricultural modernization. Through business model innovation and high-quality resource integration, the Group is committed to providing greater returns for investors, giving real benefits to Chinese farmers, and helping enhance the competitiveness of China’s agriculture.”

About Sinofert Holdings Limited

Sinofert Holdings Limited is a comprehensive crop nutrition enterprise centering on distribution services and vertically integrating production and network distribution. Major businesses of the Group include the production, import and export, distribution and retail of raw materials and finished products of crop nutrition products, provision of technological research and development and services relating to the crop nutrition business and products, exploration and exploitation of phosphate mine, and production of monocalcium/dicalcium phosphate.

The Company was listed on the Hong Kong Stock Exchange on July 28, 2005. The Group strives to become China’s leading technology-based marketing service provider of crop nutrition.

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