Uzbek Eurocement subsidiary ups net profit 20% in 2011
TASHKENT. Feb 28 (Interfax) - Akhangarancement, which is controlled by Russian company Eurocement Group, posted net profit of 109.37 billion sum in 2011 (1827.89 sum/$1 on February 28), up 20% from 91.1 billion in 2010, the company reported.
Sales revenue grew 32.8% to 292.13 billion sum, gross profit was up 36.6% to 187.62 billion sum and core activity profit grew 39.4% to 180.76 billion sum.
Assets increased 38.5% to 309.81 billion sum.
There are six cement plants in Uzbekistan with 6.9 million tonne capacity. Akhangarancement is the second largest producer in the country with a 27.9% share of the market. It exports mainly to Kazakhstan, Kyrgyzstan and Turkmenistan.
Eurocement acquired 75.5% of Akhangarancement in 2006. The Russian company now controls 83.67% of the Uzbek plant and private shareholders own the rest.