The Largest Cement Producer in Far East Russia Nearly Doubled Its Net Profit

Spasskcement, the largest cement producer in Far East Russia, increased its net profit for the first nine months by 48.2% (to 1.2 billion rubles) compared to three quarters of last year.

Revenues of Spasskcement, managing two plants in Primorsky Territory, grew by 30.7% (to 7.91 billion rubles) in January-September 2019. Spassky and Novospassky plants have a combined capacity of 3.13 million tpa. The company has not yet disclosed the volumes of cement produced in the nine months of 2019. According to the accounting report, the cost of manufactured products increased by 14.6% to 3.55 billion rubles.

Spasskcement is part of the Vostokcement holding and its profit growth has already amounted to more than 40% in H1, and reached 557 million rubles. At a meeting of shareholders (summing up the results of 2018), it was decided to direct about 454 million rubles of profit to pay dividends. The size of the annual profit amounted to 924 million rubles.

Spasskcement demonstrates excellent financial performance despite having had its accounts blocked (along with some other enterprises of the Vostokcement holding) from May to August in connection to the case of the former mayor of Vladivostok Igor Pushkarev. The investigating committee suspected him of a cartel conspiracy. In late November, Spasskcement plant had a nose ring for its rotary kiln delivered from China.