Kuvasaycement ups net income
Uzbekistan, Tashkent, June 3 / Trend D.Azizov /
Net profit of the one of the largest cement plants in Uzbekistan Kuvasaycement increased by 46 percent up to 64.589 billion soums in 2010 compared to 2009, the company reported.
The company's net revenue rose by 28.9 percent up to 152.76 billion soums, cost of production - by 11.7 percent to 49.945 billion soums, expenditures - by 38.6 percent to 24.07 billion soums.
Gross profit increased by 39.4 percent up to 102.81 billion soums in 2010.
The report did not give data on production volumes for 2010.
The company's assets in 2010 increased by 14.4 percent - up to 229.94 billion soums, including fixed assets increased by 3.7 times - up to 89.29 billion soums and long-term investments - by 4.2 percent to 60.59 billion soums.
The annual general meeting of shareholders made a decision to direct the net profit received in 2010 to pay dividends.
Kuvasaycement's authorized capital of is 606,296,400 soums. It consists of 505,247 securities, including 504,413 ordinary and 834 preference shares with a nominal value of 1,200 soums each.
According to the decision of shareholders, dividends per common share would amount to 127, 985 soums and preference share - 38, 396 soums.
Kuvasaycement was commissioned in 1932. The plant's capacity is 920,000 tons of cement per year. In 2010, Chinese CFMC Engineering build at JKuvasaycement a new cement grinding plant cost $33.2 million for the processing of clinker produced by" Bekabadcement ". It will increase the plant capacity to 1 million tons of products annually.