Adama Ltd. today released estimates of its financial performance for the year 2023. The company expects a reduction in sales of between 12% and 21% in US dollar terms (8% to 17% in RMB terms). This drop is attributed to lower volumes and prices, in addition to the negative impact of exchange rates.
The decrease in sales reflects market dynamics, the company explained in a statement. There are high inventories in distribution channels. Last-minute purchases followed the channel slowdown due to high interest rates. There is pressure on the prices of crop protection products. This is due to lower channel demand and reduced prices for active ingredients.
For the full year 2023, Adama expects losses ranging from US$ 211 to 261 million.
Finally, the company informs that these estimates are preliminary and have not been audited. Complete financial statements will be released on March 26, 2024.
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