12 December 2007 16:39 [Source: ICIS news]
LONDON (ICIS news)--Uralkali’s profits and sales are expected to rise as increased demand for crops lifts the need for fertilizers Citigroup analysts said in a report released to the media on Wednesday.
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This will increase demand for the global potash producer, which already intends to grow production by 12% until 2010 through debottlenecks at current plants, it said.
Through BPC, its 50/50 joint venture with Belaruskali, Uralkali controls 34% of the global market for exported potash while its joint venture Canpotex controls another 23% of the market, the report added.
Citigroup estimates that Uralkali’s earning before interest and tax in 2009 will be nearly double its estimated EBIT in 2007 at $849m (€577m) while estimated net sales are expected to increase 54% to $1.7bn.
Uralkali shares were trading up -3.81% at $28.95 on Wednesday. Citigroup has a target share price of $36.00.
($1 = €0.68)
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