Net profit of Qizilqumsement — the largest cement producer in Uzbekistan — grew by 78.3 % YoY in Q1 2020, up to $ 6,800. As the financial report also indicates, the revenue of the company increased by 16.7 %, up to $ 43,400, and cement sales profit doubled up to $ 7,100.
The largest shareholder of Qizilqumsement is the Uzpromstroymaterialy Association, which accounts for 51.02 % of the shares. The state share is 35.9%, while minority shareholders have 13.8 % of shares. According to the decree of the President of Uzbekistan dated April 29, 2019, the state’s stake in Qizilqumsement is planned for sale to private investors.
Last year Qizilqumsement showed revenue growth of 1.2 % YoY and net profit growth of 30 % YoY. Qizilqumsement produced 3.64 million tons of cement in 2019, and has a design capacity of 3.8 million tpa. There are 26 cement enterprises with a total capacity of 11.1 million tons in Uzbekistan. The top three include Qizilqumsement, Akhangarancement (2.2 million tpa) and Sherabad cement plant (1.8 million tpa).
