Sinofert Holdings Ltd. expects the group to record a profit attributable to owners of the company of between RMB800 million and RMB900 million (between approximately $126 million and $141 million at current exchange rates) for the year ended Dec. 31, 2021, the company said in a Jan. 28 filing to the Hong Kong Stock Exchange.
If achieved, this would mark a 24 and a 40 percent increase on the RMB644 million profit attributable to owners of the company reported for the year ended Dec. 31, 2020.
Sinofert attributed the significantly improved operating result for FY2021 to the rise in market prices for fertilizers, the deepening business collaboration with Switzerland-based and Chinese-owned Syngenta Group Co. Ltd., the controlling shareholder of the company, and maintaining “professional and lean” operations.
Sinofert expects to publish its FY2021 annual results in March.