Uzbekistan, Tashkent, March 14 / Trend D. Azizov /
"Xorazm shakar" joint venture, the only sugar producer in Uzbekistan, increased net profit by 2,5 times - up to 33.776 billion soums as of 2010 compared to 2009, the audited balance sheet of the company said.
According to the report, the company increased its sugar production by 4 percent - up to 286.055 tons last year.
Net revenue of "Xorazm shakar" increased by 1,6 times - up to 478.77 billion soums, the gross profit from sales of products - by 2,1 times - up to 89.1 billion soums.
According to the balance sheet, the assets of the joint venture increased by 0.4 percent - up to 154.35 billion soums, current assets decreased by 2.4 percent - up to 124.38 billion soums in 2010.
The Khorezm sugar factory worth $83.25 million was put into operation in 1998. Initially, the plant was designed to recycle sugar beet, which was planned to be grown in Uzbekistan. The design capacity of the enterprise is to recycle 3,000 tons of sugar beet a day. However, due to low yield, the capacity of the Khorezm sugar factory were suspended.
In 2002, the Uzbek-Austrian-American joint venture Shakar Investment implemented a project worth $2 million to transfer capacity of the power plant for processing raw cane sugar. At present, the power of a technological line for processing of raw materials is 1,000 tons of sugar per day.
In March 2006, Austrian SEID Nandelsgesellshaft mbH acquired 99.43 percent stake in "Xorazm shakar" for $17.6 million. It took on the additional investment obligations to pay accounts payable to the amount of $11.6 million and 7.2 billion soums . Moreover, the investor must invest $6 million in the development of the company to develop new types of products.
The authorized capital of "Xorazm shakar" is 14.2 billion soums, divided into 1.42 million ordinary shares of par value 10,000 soums.
At present, shareholders of the company are Panamanian Motril Investments, which owns 69.43 percent stake, Singapore KITO Investments - 20 percent, SEID Handels GmbH - 10 percent, the labor group - 0.57 percent.
The annual demand for sugar in Uzbekistan is about 630,000 tons.
