Uzbekistan, Tashkent, July 15 / Trend D. Azizov /
The net profit of the Uzbek-Spanish joint venture "Ammofos-Maxam" (Almalyk, Tashkent region), one of the largest phosphate fertilizer production enterprises in Uzbekistan, amounted to 1.465 billion soums in 2012 compared to 11.124 billion soums in the previous year, the company's financial report said today.
According to the company, net avails increased by 1.2 percent - up to 167.8 billion soums, cost price increased by 9.9 percent - up to 144.324 billion soums.
Gross profit from product sales decreased by 31.9 percent (to 23.47 billion soums) in the reporting period, expenses reduced by 4.5 percent up to 23.53 billion soums.
According to the report, Ammofos-Maxam's assets increased by 14 percent - up to 234.62 billion soums. The long-term assets increased by 2.8 percent - to 81.75 billion soums, current assets - by 19 percent (up to 152.865 billion soums). The company's liabilities increased by 17 percent - up to 180.375 billion soums.
The company's own funds as of 2012 amounted to 54.246 billion soums (increased by 1.9 percent) taking into account the formed authorized capital worth 4.939 billion soums.
Ammofos-Maxam (before 2008 - "Ammofos") was commissioned in Uzbekistan in 1969. "Ammofos" is the largest of three chemical companies that produce phosphate fertilizers in Uzbekistan. The design capacity allows producing annually more than 338,000 tons of ammophos, 500,000 tons of sulfuric acid and 417,000 tons of phosphoric acid.
Spanish MAXAM Corp. acquired a 49 percent stake in the company for $ 18 million and investment commitments worth $ 30 million in January 2008. A package of shares worth 51 percent is state-owned. The company was renamed into "Ammofos-Maxam " in 2009.
According to the purchase-sale agreement, investment obligations of the investor should be directed to the modernization of the enterprise.
It was previously reported that last year the joint venture began implementing a project to modernize the ammophos production worth $ 15 million, envisaging an increase in this kind of production by 42,500 tons per year by replacing outdated equipment and introducing the energy-saving technologies. The project will be fully financed by the Spanish company's direct investments.
This year, the joint venture intends to begin construction of the production line worth $17.4 million for the production of NPK-fertilizer with a capacity of 160,000 tons per year. The production is expected to be launched by late 2015. The project is planned to be financed through MAXAM's direct investments worth $ 14.34 million and the joint venture's own funds.
The official exchange rate is 2.098.56 soums /$1 on July 15.