Today: 29/02/2024 22:53:53 (GMT+7)

Soaring prices send fertilizer firms' profits skyrocketing

Vietnamese fertilizer 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.

Soaring prices, fertilizer firms' profits, skyrocketing, global prices, post-Covid recovery,  surging demand, biggest producer

Fertilizer production at Petrovietnam Ca Mau Fertilizer (PVCFC).

Its subsidiaries like the Vietnam Apatite Company (410 percent), Southern Fertilizer 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 tons 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.

Overseas Vietnamese businesses in Thailand seek investment opportunities in Bac Giang
(BGO)- The provincial People’s Committee of Bac Giang province on July 10 received the delegation of overseas Vietnamese entrepreneurs in Thailand seeking investment opportunities in the province. The delegation was headed by Phan Chi Thanh, Vietnam’s ambassador to Thailand. 
"Entrepreneur Cafe" programme: Focusing on removing difficulties for businesses
(BGO) - On July 8, at Dai Hoang Son OPERA Co., Ltd (Bac Giang city), the Business Association and the Real Estate Association of Bac Giang province jointly organized the "Entrepreneur Cafe" programme in the second quarter of 2022. This year, the programme is expanded and broadcast live on YouTube and Facebook channels as well as portals of some departments and agencies.
UNDP, Japan partner to advance responsible business practices in Vietnam
The UN Development Programme (UNDP) in Vietnam and the Embassy of Japan (EOJ) jointly launched in Hanoi on July 6 the global strategic partnership between UNDP and the Government of Japan to advance responsible business practices in Japanese companies and their supply chains in Vietnam.
Loan package under Resolution 68: Businesses pay off capital on time
(BGO) – Implementing Government’s Resolution No. 68/NQ-CP (Resolution 68) on a number of policies to support employees and employers facing difficulties due to the Covid-19 pandemic, many enterprises in Bac Giang province accessing to preferential bank loan have overcome the difficulties, stablized business and production activities. Some have gained highly increased revenue then positively contributed to state budget and paid off the loan capital.
All organizations and businesses use e-invoice in Bac Giang
(BGO) – According to the Taxation Department in Bac Giang province, as of July 1, all businesses, organizations and individuals operating in the province used electronic invoice (e-invoice).

Source: VnExpress

Soaring prices, fertilizer firms' profits, skyrocketing, global prices, post-Covid recovery, surging demand, biggest producer
New comment has just been added. Click here
Sort:NewBest News