Uralkali H1 net profits more than triple to $560m

01 September 2008 14:59  [Source: ICIS news]

LONDON (ICIS news)--Russian potash producer Uralkali saw net profits more than triple to roubles (Rb) 13.8bn ($560m/€383m) in the first half of 2008 year on year, on the back of rising prices and increased global demand, the company said on Monday.

                        

For the period ended 30 June, revenue more than doubled to Rb28.56bn, compared with R13.3bn for the first half of 2007. Net sales for the period totalled Rb23.96bn, while the potash sales volume was 2.64m tonnes, though no comparative figures were given.

 

“The dynamics of the international potash market have continued to benefit Uralkali and allowed the company to increase production volumes amid growing global demand,” said the company.

 

“During the first half of 2008 potash prices increased significantly, reaching a record price of $1,000 per tonne of potash [on a cost and freight basis] in some markets. Uralkali believes that the current industry dynamics set the scene well for potential growth for the company,” it said.

 

Uralkali has potash mines based in Berezniki in the northern Urals. Belarusian Potash Company exports potash on behalf of Uralkali.

 

($1 = €0.68/$1 = Rb24.58)

 

To discuss issues facing the chemicals industry go to ICIS connect

 

 

 

By: Carl Roache
+44 20 8652 3214

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly