Migao Group (MIGAO GROUP) released audited results for the year ended 31 March 2026.
Key financials • Revenue increased 24.4% year-on-year to RMB 6.18 billion, driven by higher average selling prices of potash-based fertilisers. • Gross profit grew 3.2% to RMB 662.28 million; gross margin fell to 10.7% from 12.9% amid higher imported raw-material costs. • Profit attributable to shareholders rose 21.5% to RMB 373.50 million; total profit climbed 11.3% to RMB 378.00 million. • Basic earnings per share advanced 20.6% to RMB 0.41.
Dividend The board proposes a final dividend of RMB 0.083 per share (FY2025: RMB 0.075), equivalent to approximately RMB 75.44 million, subject to shareholder approval.
Operational metrics • Total sales volume slipped 3.0% to 2.275 million tonnes. • Potash-based fertilisers accounted for 91.3% of revenue, with potassium chloride (KCL) sales up 29.0% to RMB 5.64 billion. • Revenue from state-owned enterprise customers grew 28.0% to RMB 3.78 billion, representing 61.2% of total sales.
Cost and expenses • Cost of goods sold rose 27.5% to RMB 5.51 billion, reflecting higher potash input prices. • Distribution and selling expenses were RMB 34.02 million (+6.2%); general and administrative expenses declined 6.4% to RMB 128.31 million. • Finance costs increased 16.1% to RMB 23.19 million on higher borrowings and lease liabilities.
Balance-sheet highlights • Cash and restricted cash climbed to RMB 1.39 billion (31 March 2025: RMB 0.97 billion). • Net current assets stood at RMB 2.47 billion; current ratio was 2.0. • Total borrowings reached RMB 800.47 million, lifting the gearing ratio to 26.4% from 21.3%. • Capital expenditure for the year totalled RMB 100.30 million, mainly for land-use rights tied to the planned Vietnam facility.
Strategic developments • A subsidiary, Migao Agri-Nutrition Technology (Vietnam) Ltd., completed land handover for a new production base in Phu My II Expansion Industrial Park; construction approvals are in progress. • Subsidiaries were incorporated in the United Arab Emirates to assess opportunities in the Middle East, while dormant Malaysian units are being struck off to streamline the corporate structure.
Outlook statements in the announcement indicate continued focus on product diversification, capacity expansion and overseas market penetration, particularly in Asia and the Middle East.
The annual general meeting is scheduled for 31 August 2026; the register of members will close from 26 August to 31 August for AGM eligibility and from 4 September to 8 September for dividend entitlement.