ADAMA Reports Second Quarter and First Half 2022 Results
Continued strong momentum as record top line results are translated into bottom
line income
Second Quarter 2022 Highlights:
Sales up 21% to an all-time quarterly record-high of $1,479 million (+24% in RMB terms; +25% in
CER1 terms), driven by 22% higher prices and 3% volume growth
Improvement of Opex/Sales ratio of 18.1% vs. 19.7% in Q2 2021
Adjusted EBITDA up 29% to $240 million (RMB: +32%), representing an improvement of EBITDA
margin from 15.2% in Q2 2021 to 16.2% in Q2 2022
Adjusted net income up 20% to $76 million; Reported net income up 36% to $46 million (RMB:
+39%)
First Half 2022 Highlights
Sales up 24% to an all-time half-year record-high of $2,899 million (+25% in RMB terms; +28% in
CER terms), driven by 20% higher prices and 8% volume growth
Improvement of Opex/Sales ratio of 18.9% vs. 19.9% in H1 2021
Adjusted EBITDA up 29% to $441 million (RMB: +29%), representing an improvement of EBITDA
margin from 14.7% in H1 2021 to 15.2% in H1 2022
Adjusted net income up 31% to $151 million; Reported net income up 100% to $113 million (RMB:
+99%)
BEIJING, CHINA and TEL AVIV, ISRAEL, August 30, 2022 – ADAMA Ltd. (the “Company”) (SZSE
000553), today reported its financial results for the second quarter and six-month period ended June
30, 2022.
Ignacio Dominguez, President and CEO of ADAMA, said, "ADAMA delivers another strong record
quarter and half year period, with continued top line growth translating into bottom line value. Farmer
fundamentals continue to be positive as crop commodity prices remain elevated, despite some easing
of prices towards the end of the quarter, currently driving the demand for crop protection products.
"In a world of surmounting challenges, ADAMA is committed to providing farmers with the solutions
they need and want for feeding the world, while continuously introducing to the market new products
with unique ADAMA added value formulation technologies."
1 CER: Constant Exchange Rates
Table 1. Financial Performance Summary
As Reported Adjustments Adjusted
USD (m) Q2 Q2 Q2 Q2 Q2 Q2
2022 2021 % Change 2022 2021 2022 2021 % Change
Revenues 1,479 1,220 +21% - - 1,479 1,220 +21%
Gross profit 386 340 +13% 52 25 437 365 +20%
% of sales 26.1% 27.9% 29.6% 29.9%
Operating income (EBIT) 143 90 +58% 27 35 170 125 +36%
% of sales 9.6% 7.4% 11.5% 10.3%
Income before taxes 57 36 +59% 31 35 88 71 +24%
% of sales 3.9% 3.0% 6.0% 5.8%
Net income 46 34 +36% 30 30 76 63 +20%
% of sales 3.1% 2.8% 5.1% 5.2%
EPS
- USD 0.0198 0.0145 0.0326 0.0272
- RMB 0.1307 0.0938 0.2152 0.1759
EBITDA 224 164 +36% 16 21 240 186 +29%
% of sales 15.1% 13.5% 16.2% 15.2%
As Reported Adjustments Adjusted
USD (m) H1 H1 H1 H1 H1 H1
2022 2021 % Change 2022 2021 2022 2021 % Change
Revenues 2,899 2,329 +24% - - 2,899 2,329 +24%
Gross profit 746 645 +16% 106 42 852 687 +24%
% of sales 25.7% 27.7% 29.4% 29.5%
Operating income (EBIT) 267 156 +72% 36 68 303 223 +36%
% of sales 9.2% 6.7% 10.4% 9.6%
Income before taxes 129 65 +98% 40 68 168 133 +27%
% of sales 4.4% 2.8%
查看PDF原文
