Chinese AgFeed reports record earnings
The first China-based animal feed and nutritional
product company, AgFeed Industries, has achieved record earnings growth from the
production and sale of its animal nutritional products in 2006.
Net income went up 75% to approximately $1.18 million. Net Revenue
increased to approximately $8.59 million. Gross Profit increased to
approximately $3.15 million, up 39% from 2005.
Guangxi Huijie Science and Technology Feed Co., Ltd in December 2006. Guangxi
Huijie is a market leader serving China's vast Guangxi Province with a broad
customer base. In addition, the company was named one of China's 'Top Ten
Suppliers of Safe Animal Food' by the Chinese Government.
Simple business model
Mr. Xiong Junhong, CEO of AgFeed commented, "Our results
for the year reflected continued growing demand for safe and high quality animal
feed products and the increased strength of the AgFeed brand.
AGFI has a simple business model: serving China's vast and highly
fragmented animal feed industry, which is ranked the 2nd largest in the world
valued at approximately $40 billion in 2006. With annual growth of approximately
15%, China's animal feed industry enjoys the world's fastest growth in customer
demand as China's population gets wealthier and demand for meat products
increases substantially. In 2007, with our strategic financing already in place,
AGFI will continue to execute our growth strategies through organic growth and
select strategic acquisitions."
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