"United Mining and Chemical Company" | News | SE UMCC reported UAH 666 mn net income in Jan.-Sept. 2016
SE UMCC reported UAH 666 mn net income in Jan.-Sept. 2016
16.11.2016SE United Mining and Chemical Company reported UAH 666 mn net income in January-September 2016, which is 2.8 times more than last year (UAH 238 mn).
The company's net revenue also increased by 65% over the specified period from UAH 1.16 bn to UAH 1.9 bn. The taxes and duties paid to the local and national budgets nearly doubled from UAH 245 mn to UAH 476.6 mn.
“Increased sales in January-September drove the overall improvement of the company’s financial results and an increase in tax payments,” commented SE UMCC First Deputy Director General Oleksandr Gladushko. The global prices for ilmenite, rutile and zirconium haven’t increased over the specified period, whereas Vilnohirsk MMP increased its sales and Irshansk MPP began exporting its products, he said. “This improved the overall economy of SE UMCC,” commented Gladushko.
In January-September, SE UMCC sold around 430,000 t of its products against 280,000 t over the same period in 2015. Specifically, the company sold 222,000 t of ilmenite, over 42,000 of rutile and over 21,000 of zirconium.
“Despite the positive dynamics, the issue of sales is still a pressing one. Specifically, as of November 1, 2016, the stocks at the company’s warehouses exceeded 125,000 t,” says Gladushko.