Uzbekistan, Tashkent, June 21 / Trend, D. Azizov /
Kyzylkumcement OJSC, the largest enterprise of the Uzbek cement industry will direct 101.437 billion soum, or 73.6 percent of net profit for 2012 to increase authorized capital, a representative of the enterprise told Trend on Friday referencing a decision made at the Annual Shareholders' Meeting.
As a result of the capitalization process, the share capital of the company will be increased by 29.3 percent to 447.517 billion soum. An increase in share capital will be achieved by increasing the nominal value of each share by 76,000 soum from the present 174,000 soum to 250,000 soum.
According to 2012 results, Kyzylkumcement's net profit increased 2.1 fold and amounted to 137.767 billion soum.
The company's share holders decided that, Kyzylkumcement will transfer some 8,683 billion soum (6.3 percent of net income) to replenish the reserve fund and 27,646 billion soum or 20.1 percent of net income - for the payment of dividends.
Dividends for 2012 will be paid at a rate of 13,000 soum (eight percent of the nominal value) for each share with par value of 174,000 soum.
It was reported in 2011 that dividends on the shares of Kyzylkumcement were paid in the amount of 6,600 soum per share with a nominal value of 150,000 soum, or 4.4 percent of the nominal value.
In the past year, 72.3 percent of net profit obtained in 2011, or 47.735 billion soum were directed to capitalization, thus, increasing the share capital by 16 percent to 346.079 billion soum through increasing the nominal value of shares to 174,000 soum from 150,000 soum.
The state owns 90.35 percent of the shares in the authorized capital, the labor collective owns 9.65 percent.
Kyzylkumcement was commissioned in 1977. Its capacity exceeds 3.1 million tons of cement per year via its "dry" method.
There are currently six cement plants in Uzbekistan with a total capacity of about seven million tons. The largest ones are Kyzylkumcement (3.15 million tons) JSC, Akhangarancement JSC (1.74 million tons) and Kuvasaycement JSC (920,000 tons).
According to official statistics, the production of cement in Uzbekistan in 2012 decreased by 1.5 percent to 6.69 million tons compared with 2010.
The official exchange rate on June 21 is 2090.70 soum / $1.