China XLX Fertiliser Ltd. (01866.HK) expects its fertilizer business to contribute 80 percent of revenue by 2017.
That segment accounted for 30 percent of revenue and 37 percent of net profit in the first half, according to the Hong Kong Economic Journal.
Net profit grew 2.83 times to 245 million yuan (US$39.46 million) during the period on revenue of 1.89 billion yuan, up 18.6 percent.
The growth was partly attributed to lower costs due to advances in coal gasification technology, the company said.
A fifth plant in Xinjiang has recently begun operations, adding annual capacity of 520,000 tons of urea and boosting overall production above 2.6 million tons.
The new plant will produce exports to Russia and other western countries, chairman Liu Xingxu said.
The company is planning 700 million yuan of capital expenditure in the second half.
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