Uzbek metallurgical plant to spent over 75% of net profit for 2013 to capitalization

Tashkent, Uzbekistan, July 2
By Demir Azizov- Trend:

Uzbek Metallurgical Plant (Uzmetkombinat, Bekabad city, Tashkent region), the largest enterprise in the metallurgical industry of Uzbekistan will allocate 75.6 percent of net income earned in 2013 to the capitalization of the authorized fund, the company's report on the decisions taken at the annual general meeting of shareholders in late June said.

The net profit for 2012 amounted to 47.825 billion soums compared to 95.836 billion soums in the previous year (a decrease of two times), the plant reported.

Some 5 percent of the net profit (2,391 billion soums) is allocated to the reserve of the enterprise's fund, 19.4 percent to the payment of dividends, according to the decision of shareholders.

In accordance with the result of the year it was decided to pay 213.8 soums for each preferred and ordinary share with par value of 3,800 soums each.

As reported earlier, as of 2012 the JSC shareholders were paid dividends in the amount of 298.4 soums for each ordinary and preferred shares at par value of 3,800 soums.
The authorized fund of the enterprise amounts to approximately 164.956 billion soums. It has been divided into 43, 409,433 shares with a par value of 3,800 soums.

Some 72.01 percent of shares in the capital structure of the enterprise owned by the state, 6.3 percent - the labor collective, 5.01 percent - by minority shareholders. The package in the size of 16.68 percent is in the total property is in the National Bank of Foreign Economic Activity of Uzbekistan, Uzbek "Promavtoinvesttorg" LLC, Navoi and Almalyk mining and metallurgical plants.

In 2013, steel production at the plant increased by 1.4 percent - up to 746.230 tonnes, finished rolled products - by 1.1 percent up to 718,000 tonnes. Furthermore, some 180,000 tonnes of milling balls (up 1.7 percent) were shipped by the mining and cement enterprises of Uzbekistan.

The plant has exported products worth $182 million last year versus $208.3 million in 2012 (decrease of 12.6 percent).

Uzmetkombinat is the only ironworks in Central Asia processing scrap metal. The plant was commissioned in 1956. It has recycled scrap metal delivered from all Central Asian republics.Currently it uses scrap generated in the country, as well as raw materials purchased outside the country on the terms of tolling.

The capacity of the plant is designed to produce 790, 000 tonnes of steel and 760 tonnes of sorted rolled metal products.

At present, "Uzmetkombinat" is implementing a program of development and modernization of production worth $134.7 million for the period until 2016. The modernization program is funded at expense of "Uzmetkombinat."

By 2016, the implementation of the program is expected to increase design capacity of the plant for production of steel by 13.3 percent - up to 850,000 tonnes, processed scrap metal - almost 1.8 times up to 670,000 tonnes, as well as reduce energy costs by 20 percent .

Official exchange rate on July 2 is 2316.27 soums / $ 1.

Edited by CN

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