By the end of Q4 2023, Kizilkumcement's net profit reached UZS 469.6 bn ($37.7 mn), marking a 56.9% increase from 2022. The company’s gross profit also saw a rise, moving from UZS 638.1 bn ($51.2 mn) to UZS 809.8 bn ($64.9 mn) over the same period.
In a positive turn of events, the company’s long-term bank loans saw a substantial decrease of 70.9%, reducing to UZS 45.9 bn ($3.7 bn).
Established in 1977 in Navoiy, Kizilkumcement’s primary operations involve the production of cement, lime, and reinforced concrete products. As of February 29 this year, United Cement Group owns 68.2% of the company’s stake, acquired in early 2022. The remaining 31.8% stake is held by Kizilkumcement itself.
In January 2024, large enterprises in Uzbekistan produced 627,900 tonnes of cement, a figure 2.3 times higher than that of January the previous year, as reported by the Statistics Agency.
This significant growth can be attributed to the low base of 2023 when many enterprises in the republic were not operating at full capacity due to severe cold weather and power cuts. This not only affected the volume of cement production but also other products.
Cement output in January 2023 more than halved. Therefore, a 2.3-fold increase in 2024 indicates a return to the 2021 figures. In 2022, there was also a drop in production. In 2021, 619,100 tonnes of cement were produced. These statistics show that in 2024, production increased by a modest 1.4%.
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