ADAMA Reports First Quarter 2021 Results
Robust business growth yields increased profits in the first quarter
- Sales grew by 14% to a Q1 record-high of $1,109 million, driven by continued robust 15% volume growth
- Adjusted EBITDA higher by 2%, reaching $157 million
- Reported net income of $23 million (Q1 2020: loss of $2 million)
- Adjusted net income up 25% to $52 million
BEIJING, CHINA and TEL AVIV, ISRAEL, April 28, 2021 – ADAMA Ltd. (the “Company”) (SZSE 000553), today reported its financial results for the first quarter ended March 31, 2021.
Ignacio Dominguez, President and CEO of ADAMA, said, “In the first quarter, we continued our strong growth to achieve another Q1 record high sales performance, with robust demand for our crop protection products supported by generally higher crop prices. Although our growth was somewhat mitigated by a softer pricing environment in many regions, and further offset by higher procurement costs and a growth-driven increase in operating expenses, we nevertheless were able to deliver a pleasing improvement in our bottom line. Our strong Q1 performance reflects our continued ability to weather the ongoing pandemic-related challenges, and to provide much needed crop protection solutions to growers around the world.”
