Uzbek "Kizilkumcement" to allocate 25% of net profit to pay out dividends

Tashkent, Uzbekistan, May 13
By Demir Azizov- Trend:

"Kizilkumcement" JSC, the largest cement plant in Uzbekistan will spend more than 56.506 billion soums, or 25 percent out of total net profit for the payment of dividends for 2013, a representative of the plant told Trend with reference to the decision of the General Annual Meeting of shareholders.

In accordance with the approved audited balance sheet, as of 2013 net income of "Kizilkumcement" increased by 1.6 times up to 225.94 billion soums compared to 2012.

The dividends for 2013 will be paid in the amount of 28,400 soums per ordinary share par value of 198,000 soums or 14.3 per cent out of the nominal value, according to the shareholders` decision.

As of 2012 dividends on "Kizilkumcement" shares were paid in the amount of 13,900 soums per share par value of 174,000 soums, or 8 percent out of nominal.

At present, the enterprise`s authorized capital is generated in the amount of 393.8 billion soums and divided into 1,988,964 ordinary shares with par value of 198,000 soums each. The state owns 90.35 percent of the shares, the labor collective - 9.65 percent in the structure of the authorized capital.

The company will spend 70 percent of net profit (157.13 billion soums) to the capitalization, and the rest - to the reserve fund, the report said.

"Kizilkumcement" was commissioned in 1977. Its design capacity is more than 3.1 million tonnes of cement per year via "dry" method. As of 2013, the volume of cement production at the plant increased by 2.5 percent up to 3.26 million tonnes.

At present, some seven cement plants with total installed capacity of about eight million tonnes operate in Uzbekistan. In 2013, cement production in Uzbekistan increased by 3.1 per cent up to 6.99 million tonnes compared to 2012.

The official exchange rate on May 12 is 2284.42 soums / $ 1.

Edited by C.N.

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