2008-05-08
Dow Jones
ALMATY, Kazakhstan (Dow Jones)--Kazakhstan Kagazy PLC (KAG.LN), the paper producer and industrial real estate developer, said Thursday its net profit rose to $14 million in 2007, up from $2.3 million a year earlier, citing its preliminary financial results for 2007.
"Our full year 2007 results show robust growth in paper revenues," said Yuriy Bogday, chief executive of Kazakhstan Kagazy. "We plan to capitalize on our leading position in (the) paper and packaging sectors in Central Asia and continue driving volume increases and efficiency improvements in our paper business to meet the strong forecasted demand in the market," he said.
The company said its revenue grew 42% on the year to $78.7 million, "following the strong growth in the paper business division." Total company assets increased 89.8% on the year to $631.1 million, up from $332.7 million, Kazakhstan Kagazy said.
The company's operating profit more than doubled to $15 million in 2007 from $6.9 million "with an operating profit margin expanding to 19.1% from 15.5% in 2006."
Kagazy said its earnings before interest, taxes, depreciation and amortization, or Ebitda, more than doubled on the year, to $18 million last year from $8.6 million. Its Ebitda margin expanded to 22.9% from 15.5%, the company said.