KuibyshevAzot tripled net profit to IFRS in 2018 thanks to growth in sales
SAMARA. March 20 (Interfax) - PJSC KuibyshevAzot made 7.846 billion rubles in net profit in 2018, a threefold increase year-on-year, according to the plant's report to International Financial Reporting Standards (IFRS).
Revenue increased 33.6% to 63.837 billion rubles, leading to 2.9-fold growth of pre-tax profit to 9.309 billion rubles.
"The improvement of financial results in 2018 was made possible by the growth in production and sales volumes, including the sale of ammonia with the joint venture Linde Azot Togliatti, as well as by the improved situation for prices of caprolactam and its derivatives," the company told Interfax.
The KuibyshevAzot Group's assets increased 7.5% year-on-year to 62.54 billion rubles as of December 30, 2018. Long-term liabilities grew 42.8% to 22.115 billion rubles, and short-term ones decreased 47.3% to 9.245 billion rubles.
In July 2018, the company and Germany's Linde Group launched an industrial-gas production plant in Togliatti. Its ammonia unit can produce 1,340 tonnes a day.