Uzbek enterprise sees increases net profit in 2011
Uzbekistan, Tashkent, May 11 / Trend D. Azizov /
Maxam-Chirchik is a leading chemical industry enterprisein Uzbekistan.
As of late 2011, its net profit hit 24.4 billion soums compared to 7.571 billion soums in 2010 (increased by 3.2 times), the enterprise said today.
Net revenues from selling products increased in 2011 by 5.8 percent - up to 272 billion soums. The cost of sold goods increased by 0.7 percent - up to 198.85 billion soums, gross profit increased by 22.9 percent - up to 73.146 billion soums.
Last year, Maxam-Chirchik increased expenditure by 1.5 percent - up to 63.369 billion soums.
The company's assets increased by 19 percent - up to 504.489 billion soums, main funds declined by 7.7 percent - up to 65.823 billion soums. The liabilities increased by 26.6 percent - up to 324.76 billion soums, including long-term liabilities - by 7.1 times to 71.1
billion soums, current liabilities - by 2.9 percent, to 253.66 billion soums.
The Maxam-Chirchik enterprise was put into operation in 1940.
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.
Earlier it was reported that MAXAM Corp plans to invest $ 22 million in the modernization of "Maxam-Chirchik" in 2009-2011.
MAXAM Corp. S.A.U. commissioned the production of low-density ammonium nitrate (porous ammonium nitrate) at "Maxam-Chirchik" company worth $15.4 million in November 2011.
The annual design production capacity is 60,000 tons of porous ammonium nitrate per year, of which 55,000 tons will be exported. The estimated payback period is about six years.
So far, the production of porous ammonium nitrate was carried out in Uzbekistan.
The project was financed by own funds of MAXAM Corp. within investment commitments taken while purchasing Maxam-Chirchik's assets.
Besides the production of porous ammonium nitrate, an investor plans to reconstruct the carbamide production.
The official exchange rate is 1862.03 soums/$ 1 on May 1.