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ADAMA ADAMA Reports First Quarter 2021 Results Robust business growth yields increased profits in the first quarter Sales grew by 14 % to a Q1 record - high of $ 1,109 million , driven by continued robust 15 % volume growth Adjusted EBITDA higher by 2 % , reaching $ 157 million ■ Reported net income of $ 23 million ( Q1 2020 : loss of $ 2 million ) " Adjusted net income up 25 % to $ 52 million BEIJING , CHINA and TEL AVIV , ISRAEL , April 28 , 2021 - ADAMA Ltd. ( the " Company " ) ( SZSE 000553 ) , today reported its financial results for the first quarter ended March 31 , 2021 . Ignacio Dominguez , President and CEO of ADAMA , said , “ In the first quarter , we continued our strong growth to achieve another Q1 record high sales performance , with robust demand for our crop protection products supported by generally higher crop prices . Although our growth was somewhat mitigated by a softer pricing environment in many regions , and further offset by higher procurement costs and a growth - driven increase in operating expenses , we nevertheless were able to deliver a pleasing improvement in our bottom line . Our strong Q1 performance reflects our continued ability to weather the ongoing pandemic - related challenges , and to provide much needed crop protection solutions to growers around the world . " Financial Performance Summary As Reported Adjustments Adjusted USD ( m ) Q1 2021 Q1 2020 % Change Q1 2021 Q1 Q1 2020 2021 Q1 2020 % Change Revenues 1,109 973 + 14 % 1,109 973 + 14 % Gross profit 305 % of sales 27.5 % 277 28.5 % + 10 % 17 19 322 29.0 % 296 30.5 % + 9 % Operating income ( EBIT ) 65 % of sales 5.9 % 51 5.2 % + 29 % 33 47 98 97 + 1 % 8.9 % 10.0 % Income before taxes 29 % of sales 2.6 % 20 2.0 % + 47 % 33 47 62 5.6 % 66 6.8 % -7 % Net income attributable to the 23 -2 29 44 52 42 + 25 % shareholders of the company % of sales 2.1 % -0.2 % 4.7 % 4.3 % EPS - USD - RMB EBITDA % of sales Notes : 0.0098 0.0639 138 12.4 % -0.0010 -0.0068 133 13.7 % + 3 % 19 20 20 0.0223 0.1447 157 14.2 % 0.0170 + 31 % 0.1182 + 22 % 153 + 2 % 15.8 % " As Reported " denotes the Company's financial statements according to the Accounting Standards for Business Enterprises and the implementation guidance , interpretations and other relevant provisions issued or revised subsequently by the Chinese Ministry of Finance ( the " MoF ) ( collectively referred to as " ASBE " ) . Please see the appendix to this release for further information . Relevant income statement items contained in this release are also presented on an " Adjusted " basis , which exclude items that are of a one - time or non - cash / non - operational nature that do not impact the ongoing performance of the business , and reflect the way the Company's management and the Board of Directors view the performance of the Company internally . The Company believes that excluding the effects of these items from its operating results allows management and investors to effectively compare the true underlying financial performance of its business from period to period and against its global peers . A detailed summary of these adjustments appears in the appendix below .