SINGAPORE—Natural rubber giant Halcyon Agri Corp. Ltd. reported a profit of $35.3 million in fiscal year 2017, and its revenues more than doubled during the year to just under $2 billion.
Robert Meyer, Halcyon Agri executive director and CEO, announced the company's results at a press conference in Singapore Feb. 26.
"2017 has been an eventful year for the Group, as we undertook several strategic acquisitions to strengthen our market position as the forerunner in the natural rubber supply chain," Meyer said in a press release.
The enormous increase in revenue during 2017 was due to substantial gains both in revenue per metric ton of rubber sold and sales volume, according to Halcyon Agri.
Revenue per ton grew from $1,360 in 2016 to $1,755 in 2017, the company said. During the same period, sales volume grew from 713,000 metric tons in 2016 to 1.13 million tons in 2017, thanks to assets acquired in late 2016.
Halcyon Agri's 2017 acquisitions of distribution franchises including Corrie MacColl, Wurfbain and Alan L. Grant will provide the global marketplace for specialty latex and rubber with unparalleled technical support and expertise, the company said.
Also, its acquisition of five natural rubber factories in Indonesia in late 2017 and early 2018 will add a total of 192,000 metric tons to Halcyon Agri's annual NR processing capabilities, strengthening its competitive edge in the global tire market.