Halcyon Agri's gross profit up 17.6% in H1 22
The firm recorded a gross profit of $117m (US$85.9m).
Despite challenging market woes, Halcyon Agri Corporation Limited recorded a gross profit of $117m (US$85.9m) in the first half (H1) of 2022, up 17.6% from $100m (US$73.1m) in H1 2021.
Its revenue also grew to $1.7b (US$1.3b), which is an increase of 12.1% in H1 2022 from $1.6b (US$1.2b) in the same period last year.
This was on the back of a “higher average selling price” of $2,637 (US$1,922) against $2,403 (US$1,752) in H1 2021.
Its operating profit went up to $36.4m (US$26.6m) in H1 2022 from $12.07m (US$8.8m) last year.
According to the group, it delivered improved sales volumes in other regions, which helped the group mitigate the risks from the challenging market.
Halcyon Agri CEO Li Xuetao said they were able to foster operational resilience and improved overall profitability amidst headwinds such as inflation and rising costs.
“At the same time, we continue to improve our working capital liquidity, to cater for the improving demand situation. Such initiatives include our deleveraging efforts, for which we disposed of certain non-core assets, and we have also completed a sustainability-linked facility of up to US$300 million during H1 2022,” said Li.