Uzbekistan, Tashkent, July 5 / Trend D. Azizov /
The general meeting of shareholders of Akhangarancement (Ahangaran city, Tashkent region), decided to leave the net profit for 2009 in the company, not distributing it as dividends, the company said.
Akhangarancement is the second cement plant in Uzbekistan on capacity.
The company left earnings in 2008 upon a decision of Akhangarancement shareholders.
According to the data given in the report, net profit of "Akhangarancement" in 2009 amounted to 68.895 billion soums, which is 16.4 percent more than in 2008.
Last year the company produced 1.77 million tons of cement compared to 1.83 million tons a year earlier. Export in 2009 reduced by 230,000 tons compared to 280,000 tons in 2008.
Net profit of the company reduced by 12.4 percent - up to 181.6 billion soums, the gross profit - by 18.2 percent - up to 108.26 billion soums.
The assets of the company last year increased by 1.33 times - up to 269.36 billion soums, including the amount of money - by 12.2 percent, up to 150.91 billion soums, long-term assets - by 2,2 times, up to 93.026 billion soums.
JSC Akhangarancement was commissioned in 1961. Production capacity is approximately 1,8 million tons of cement on a wet method of production.
The Russian Eurocement Group bought a 75.6 percent stake in Akhangarancement in August 2006. The cost of the transaction has not been disclosed. The Russian company has purchased a package of 50 percent, owned by Uzbek-Swiss joint venture "Bentonite", and 25.6 percent from the Swiss Zeromax GmbH.
The investor developed the investment program aimed at developing career management, increasing capacity through the acquisition of new equipment, modernization of the energy complex.
The Russian company invested $12.5 million in upgrading the plant in 2008, about $3 million in 2009.
The authorized capital of the enterprise is 4.928 billion soums. Besides Evrotsement Group, which owns 75.6 percent of the shares, Giacintar ltd (registered in the British Virgin Islands) owns about 14.7 percent of the securities, physical entities - 9.7 percent.
Uzbekistan has six cement plants with total installed capacity of about 7 million tons. The largest ones are OJSC Kyzylkumcement (3,08 million tons), JSC Akhangarancement (1,8 million tons) and OJSC Kuvasaytsement (920,000 tons).
Cement production in Uzbekistan increased by 3.1 percent in 2009 compared to 2008 - up to 6.853 million tons.