HeidelbergCement Ukraine boosts net income

HeidelbergCement Ukraine boosts net income
Published: 14 April 2009

In 2008 HeidelbergCement Ukraine (previously known as OJSC Kryvy Rih Cement, Dnipropetrovsk region) increased its net income by 37.8% YoY, to UAH1.136bn.

According to a company report at the State Commission for Securities and the Stock Market, its gross profits last year soared by 17.6%, to UAH 486.294m.

Earlier the company published its net profit in 2008, which was estimated at UAH 262.616m, a 11.9% rise YoY. Its current commitments fell by 3.6%, to UAH 75.899m, and its assets dropped by 69.9%, to UAH 830.423m.

The non-distributed profit of the company in 2008 was UAH 550.501m, which is 91.5% up YoY.

As reported, OJSC HeidelbergCement Ukraine in 2009 plans to cut cement production by around 10% year-over-year, to around 3.6Mt. The plans would be altered if there is a worsening of the situation on the market.

In 2008, HeidelbergCement Group finished restructuring its business in Ukraine. Its cement business is represented by OJSC HeidelbergCement Ukraine, which includes cement plants in Kryvy Rih, Dniprodzerzhynsk, Novoamvrosiyivske and Yenakiyeve in Donetsk region.