Major Azerbaijani cement plant increases net profit 4 times
Baku, Azerbaijan, July 5
By Kheyraddin Nasirzade - Trend:
The net profit of major Azerbaijani cement plant Holcim Azerbaijan increased four times by the end of 2018,Trend reports with reference to the plant’s report prepared by auditing company Deloitte & Touche LLAC.
The company’s net profit as of December 31, 2018, amounted to 7.067 million manats.
The plant’s revenues last year amounted to 116.332 million manats, which is 8.7 percent more than in 2017. After deducting the cost of sales worth 64.133 million manats, the total profit amounted to 52.199 million manats.
Transportation expenses of 15.394 million manats, administrative expenses of 10.911 million manats and expenses for sale of products worth 5.52 million manats amounted to operating income of 20.369 million manats, which is 28.4 percent or 4.502 million manats more than in the previous year.
Financial expenses for the year decreased by 13.3 percent, reaching 9.874 million manats. Revenues from exchange rate difference amounted to 973,000 manats. As a result, the pre-tax profit of the plant increased 3.8 times, to 11.471 million manats.
After deducting income tax of 4.404 million manats, net profit amounted to 7.067 million manats.
In 2012, Garadag Cement was renamed Holcim Azerbaijan. Holcim Azerbaijan is a member of LafargeHolcim Group.
(1 USD = 1.7 manats on July 5)
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