China Agritech Inc. is a leading organic compound fertilizer manufacturer and distributor in China. It has developed proprietary formulas that provide a continuous supply of high-quality agricultural products while maintaining soil fertility. The company sells its products to farmers located in 28 provinces in China.
The company today announced preliminary, unaudited revenues for the fourth quarter and fiscal year ended December 31, 2010. Fourth quarter revenues were $41 million, compared to $21 million for the same period in 2009. Annual revenues for 2010 came in at $119 million, compared to $76 million in 2009 and above its guidance of expected revenues of $114 million.
As of December 31, 2010, China Agritech had established 21 regional distribution centers. This is well above its original annual goal of 10 centers. These distribution centers are located in Henan and Jiangsu provinces, two of the most important agricultural regions in the central and eastern areas of China. The company expects these new centers to be a driver of growth in 2011.
In May 2010, China Agritech signed a renewed contract supplying organic liquid compound fertilizers to Sinochem, China’s largest fertilizer distributor. The sales contract is worth approximately $9 million and the company will also continue to supply Sinochem with organic granular compound fertilizer under another existing contract.
Additionally, in December 2010, China Agritech became an official supplier of organic liquid compound fertilizer to China National Agrochemical Corporation. This company is China’s biggest manufacturer and seller of pesticides. Its first purchase order was worth approximately $2 million.
For more information on China Agritech, please visit its website at www.chinaagritechinc.com