Net profit at Poland’s ZAT group swells on takeovers

20 August 2012 15:49  [Source: ICIS news]

LONDON (ICIS)--Net profit at Poland’s largest chemical group Zaklady Azoty Tarnow (ZAT) grew to zlotych (Zl) 272.5m ($82.6m, €67.0m) in the first half of this year, from Zl 187.9m in the same period of last year, with the result boosted by the inclusion of profits at two newly consolidated subsidiaries, ZAT said on Monday.

Sales revenues climbed to Zl 3.8bn from Zl 2bn, it added.

Nitrogen fertilizer, caprolactam (capro) and polyamide 6 (nylon 6) producer ZAT, which last year took over two local competitors — multi-component fertilizer and titanium dioxide (TiO2) maker Zaklady Chemiczne Police (ZChP) and nitrogen fertilizer and oxo-alcohols producer Zaklady Azotowe Kedzierzyn (ZAK) — also recorded a first-half operating profit of Zl 353.0m, up from Zl 237.8m a year ago.

ZAT did not give a breakdown of its figures for the second quarter, but in May the group announced first-quarter net profit of Zl 179.6m and sales revenues of Zl 1.9bn.

Referring to the first half, ZAT said it had experienced higher sales revenues in all business segments. However, year on year, subsidiary ZChP’s net income decreased to Zl 73.8m from Zl 115.3m.

ZAT is set to take over another local competitor, nitrogen fertilizer, melamine and capro producer Zaklady Azotowe Pulawy (ZAP), a move which the Polish treasury says should make the state-controlled group the second largest producer of fertilizers in Europe.

($1 = €0.81)
($1 = Zl 3.30, €1 = Zl 4.07)

By: Will Conroy
+44 20 8652 3214

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