Net profit of Togliattyazot according to Russian Accounting Standards increased by 4.6% to 3.44 billion roubles in the first six month of the year
According to Russian Accounting Standards net profit of Togliattiazot (TOAZ) increased by 4.6% in the first six month of the year compared to the same period of the previous year and amounted to 3.44 billion roubles, states information provided by the company.
“The main factor of the financial result growth in the first six month of 2019 is increased revenues from sales of main products of the enterprise,” states the information.
The company’s revenue for the reported period increased by 16% and amounted to 29.17 billion roubles. The cost of sales for the reported period increased by 8% and amounted to 12.59 billion roubles. As it follows from the provided information, the growth of revenue and cost of sales in the first six months of the year is due to an increase in sales (ammonia by 4%, urea by 14%).
Togliattiazot is the largest Russian producer of ammonia and one of the leading urea producers. Vladimir Makhlay, the former president of the company,whose companies own 71% of shares, is considered the main owner of Togliattiazot, while Uralchem Holding owns about 10% of shares.
Russian nitrogen fertilizer major Togliattiazot on Monday revealed the centrepiece of its new urea plant - a 107 metre tall granulation tower - had been installed and the project is 38% complete. Due for commissioning in 2021, the 2,200 tonne/day unit will reinforce the company's presence as the largest supplier of urea to the domestic market.