Maxam-Chirchik increases net profit
Uzbekistan, Tashkent, June 3 / Trend D.Azizov /
Net profit of one of the leading companies in the Uzbek chemical industry, Maxam-Chirchik, amounted to 7.571 billion soums in 2010 compared to 3.1 billion soums in 2009 (an increase of 250 percent), the company reported.
The company's net revenues from product sales increased by 1.2 times up to 257.1 billion soums in 2010, the cost of sold products increased by 1.3 times up to 197.6 billion soums, and the gross revenues from product sales grew by 5 percent up to 62.5 billion soums.
The Maxam-Chirchik increased expenditures by 11.4 percent up to 62.5 billion soums.
The company's assets grew by 7.7 percent up to 418.2 billion soums.
In 2010 the company increased its capital investment by 4.2 times to 12.1 billion soums, long-term investments amounted to 1.7 billion soums, compared to 1.5 billion soums in 2009 (13.3-percent increase), and long-term receivables increased to 40.6 billion sums compared to 37.4 billion soums (8.6-percent increase). The company's obligations rose by 10.8 percent up to 256.536 billion soums.
The Maxam-Chirchik enterprise was put into operation in 1940. The company specializes in the production of ammonia, ammonium nitrate and urea. In 2007, the Spanish Maxam Corp. S.A.U. acquired a 49 percent stake in OAO Electrokhimprom for $22 million, with investment commitments of $55 million to be invested in the company's development until 2012.
The plant produces about 35 kinds of chemical products, including liquid technical ammonia, nitric acid, ammonium nitrate, and urea, ensuring the needs of the domestic market and exporting its products to CIS countries, EU, U.S., Latin America, and Australia.