Adama, a famed crop protection firm based in Israel reported last Sunday that its third quarter net profit went up by 33% brought about by the increase in its sales and improvements in its product mix.
The increase in net profit for the world’s biggest supplier of generic crop production products went up from $18 million to $24 million with its products including herbicides, insecticides, fungicides and some growth regulators.
As for the company’s recorded revenue, it amounted to $761.5 million which is 4% higher than the same time period of last year mainly because of the higher volumes that Adama sold. While most parts of the world showed an increase in revenue for the company, its Asia Pacific-Africa and Israel markets declined.
Discount Development Investment Corp of Israel owns 40% of Adama and China National Chemical Corp own 60% of the company’s shares.
Adama has by the way made a filing with the U.S. regulators its intention of raising $400 in a New York Stock Exchange offering.
It was a month ago when the company closed a deal to acquire from ChemChina control of a number of businesses in China with volumes sold amounting to $863.5 million in 2013.
Adama is expecting that its acquisition from ChemChina will raise revenue for the company with the agreement to complete during the first half of the incoming year.