August 2 -- Sichuan Meifeng Chemical Industry (000731) filed its net profit grew 92 percent year-on-year to 104 million yuan in the first half despite a revenue drop of four percent to 2.07 billion yuan, reports yicai.com. Urea product profits jumped by 22.87 million yuan in the first half while compound fertilizer profits were up 11.16 million yuan.

Meifeng Chemical has an advantage in obtaining materials and energy supply because its parent, Chengdu Huachuan Petroleum and Natural Gas Exploration and Development, is wholly owned by China Petrochemical Corporation (Sinopec) (600028, 0386.HK).

China’s fertilizer industry recovered from a two-year low in the first half of 2011. Prices of urea and compound fertilizers all went up while market demand bouncing back.

Meifeng Chemical was founded in 1994 in Suining city and produces chemicals and related products for the domestic market.

Sichuan Meifeng Chemical Industry (000731) ended the trading day at 7.22 yuan per share this afternoon.

Source: CapitalVue