30-Jul-2022 Intellasia |
Vnexpress |
5:02 AM
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Vietnamese fertiliser firms reported three and four-digit profit growth in the first half as global prices climbed on surging demand amid post-Covid recovery and the Russia-Ukraine war.
The biggest producer, state-owned Vinachem, saw profits go up by 31 times to VND4.098 trillion (US$175.3 million) and revenues jumping 26 percent to VND32.83 trillion.
Its subsidiaries like the Vietnam Apatite Company (410 percent), Southern Fertiliser JSC (297 percent) and DAP-Vinachem (233 percent) too reported triple-digit rises in profits.
Leading private player Duc Giang Chemicals said profits were up 5.7 times to VND2.55 trillion, four times the full-year target.
Growth was driven by higher demand from both the domestic and international markets while prices soared.
Exports topped 998,000 tonnes and were worth $647 million, up 43 percent and 2.8 times.
In the whole of last year exports had been worth $559 million.
But prices would fall next year as China raises its output and prices in North America have already been falling, brokerage VnDirect forecast.
https://e.vnexpress.net/news/industries/soaring-prices-send-fertiliser-firms-profits-skyrocketing-4493024.html
Category: Business, Vietnam
Article source: https://www.intellasia.net/soaring-prices-send-fertiliser-firms-profits-skyrocketing-1074032