Uzbek company ups net profit by 34.6 percent in 2011

Uzbek company ups net profit by 34.6 percent in 2011

Uzbekistan, Tashkent, July 2 / Trend D. Azizov /

Navoiazot company's net profit increased by 34.6 percent up to 1.685 billion soums in 2011 compared to the same period of 2010, the company's annual report said today. Navoiazot is the largest enterprise in the Uzbek chemical industry.

Net revenues from selling products increased by 10.6 percent - up to 428.045 billion soums in 2011. The cost of production increased by 5.4 percent - up to 298.057 billion soums.

According to the company, Navoiazot's assets increased by 18.7 per cent - up to 598.155 billion soums. The long-term assets increased by 9 percent - up to 94.124 billion soums, current assets - by 20.7 percent to 504.031 billion soums. The volume of obligations fell by 0.6 percent - up to 391.004 billion soums.

The company's own funds doubled during the period and amounted to 207.15 billion soums (110.463 billion sums as of 2010) taking into account the share capital worth $ 42.145 billion soums.

The authorized capital consists of 753,696 ordinary shares of par value 55,918 soums each. The state owns 100 percent of the company's shares.

"Navoiazot" (former Navoi chemical plant) was commissioned in 1964 and specializes in the production of nitrogen fertilizers, nitronic fibers, as well as the integrated product of organic synthesis.

"Navoiazot" produces more than 100 kinds of chemical products used in the areas of nonferrous metals mining, light industry, furniture production, electronics, agriculture, pharmaceuticals and aviation.

In April 2007 the Uzbek State Property Committee announced a tender to sell 49 percent of "Navoiazot" with a starting price of $ 60 million.

The contest has been extended. It was declared invalid in late 2008.

In 2009 "Navoiazot" and ISU Corp. (South Korea) established a joint venture between ISU Navoi Chemical for the construction of the polyvinyl chloride production unit (PVC) worth $ 180 million.

It is planned to build an enterprise with a design capacity of 50,000 tons of PVC and 32,000 tons of caustic soda per year on the basis of "Navoiazot".

The project will be financed by a loan from the Uzbek Reconstruction and Development Fund worth $ 120 million, foreign investments and loans - $ 45 million and Uzhimprom's assets - $ 15 million.

The official exchange rate is 1.884.75 soums/$1 on July 2.

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