10 June 2008 14:34 [Source: ICIS news]
LONDON (ICIS news)--Russian nitrogen producer Uralchem significantly increased its first-quarter operating profits to $164m (€105m) from just $6m in the same period of 2007 on the back of acquisitions and higher fertilizer sales, the company said on Tuesday.
According to its first-quarter 2008 results, Uralchem’s revenue increased to $376m compared with $95m, while net profit amounted to $126m compared to $1m in January-March 2008.
The company increased earnings before interest, tax, depreciation and amortisation (EBITDA) to $188m in the first quarter compared with $12m in the same period of 2007.
“The company showed impressive growth in all financial indicators compared to the same period of last year. The first-quarter results were significantly higher than the estimates of the approved business plan,” said Uralchem CEO Dmitry Osipov.
Osipov added that the increases were as a result of the acquisition of new assets, including Azot and its subsidiaries, the company’s investment programme to modernise facilities and the continuing price rally in world fertilizer markets.
Export sales totalled $248m in January-March 2008, up from $61m in the same period of 2007. The company exported more than 65% of its sales in the first quarter.
Uralchem’s sales volumes of commercial products increased 9% to 1.04m tonnes in the first quarter of 2008, compared with 962,000 tonnes in the same period of last year, including Azot.
A decrease in sales volumes of ammonia was due to the increase in the sales of premium products that were demanded in the market, he said.
($1 = €0.64)
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