BAKU, Azerbaijan, Apr. 27
By Ilkin Seyfaddini - Trend:
Net profit of Kyzylkumcement, the largest cement producer in Uzbekistan, increased by 78.3 percent in dollar equivalent to $6.8 million in the first quarter of 2020 compared to the same indicator in 2019, Trend reports citing Uzbek media.
Net revenue of the enterprise increased by 16.7 percent to $43.4 million for the reporting period, gross profit - by 6.8 percent to $14.4 million, profit from operating activities doubled to $7.1 million.
According to the presidential resolution dated April 29, 2019, state assets of Kyzylkumcement JSC in the amount of 35.9 percent of the authorized capital were sold to private investors, including foreign ones.
Kyzylkumcement JSC was set up as Navoi Cement Plant in 1977 and renamed in 1994. Today, the enterprise with the annual capacity of more than 3.8 million tons is the largest supplier of dry cement in Central Asia, producing nine types of cement.
The main raw material base includes industrial reserves of 113.8 million tons of limestone and 96.8 million tons of oil shale at Navoi deposit, 30.2 million tons of diabase pyroxenite at Tillatag deposit, and 6.04 million tons of gypsum at Karnab deposit.
To date, the authorized capital of Kyzylkumcement was formed at the rate of 702.6 billion soum ($69.3 million) through placement of 447.5 million common shares with par value of 1,570 soum ($0.1548). Quotation price of one share made up 1475 soum ($0.1455) on 23 April 2020.
At present, six large and 19 smaller cement enterprises with total capacity of 11.1 million tons a year operate in Uzbekistan. The largest of them are Kyzylkumcement JSC (3.8 million tons), Ahangarancement JSC (2.2 million tons) and Sherabad Cement Plant (1.5 million tons).
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