Crop protection provider Adama Agricultural Solutions Ltd. (formerly Makhteshim Agan Industries) has reported a rise in revenue and profit for the third quarter of 2014.
Revenue for the third quarter of 2014 totaled $761.5 million up 4% from $732 million in the corresponding quarter of 2013. Net profit for the third quarter of 2014 was $24 million, up 33% from $18 million in the corresponding quarter of 2013.
Adama Chairman Yang Xingqiang said, "In a more challenging period for the industry, the company has grown its sales in nearly every geographic region, including impressive year over year gains in Europe and Latin America, while also significantly increasing its profits. At such a time, the company's ability to generate significant cash from operations in especially noteworthy."
He added, "In addition to the strong business performance achieved during the quarter, we also announced the signing of a definitive agreement for Adama to acquire several Chinese businesses from ChemChina. This transaction not only marks the realization of the vision we all set forth in ChemChina's transaction and partnership with Adama in 2011, but also points to the remarkable potential in the combination of Adama and its additional China Business."
Adama President and CEO Chen Lichtenstein said, "We are very pleased with the growth in both sales and profits that our business has delivered in the third quarter, as well as over the year-to-date. Viewed together with the China Business, our combined profits show even higher growth. Also, during this quarter, we achieved regulatory approval in the US for NIMITZ, a novel non-fumigant nematicide with notable user safety and effective application. The launch of this innovative solution is an important element in Adama's quest to provide differentiated solutions that can simplify farmers' lives."
Published by Globes [online], Israel business news - www.globes-online.com - on November 9, 2014
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