As the largest Russian company that produces technologies and equipment for air separation and industrial gas supply, Cryogenmash presented healthy net profit growth of around 38% for 2007 in its annual report.
According to the Russian standards of accounting for the 12 months of 2007, the report reflected net profit amounting to 192m roubles at a growth rate of 38 %.
“We are very satisfied with the results of 2007,” said Dmitriy Ermolov, General Director of Cryogenmash.
“Cryogenmash finished the year with very good activities, having successfully realised the projects of the air separation units supplies and supplies of new production and services to our consumers in Russia, as well as abroad.”
“The realisation of both designing, building-assembly, start-adjusting and service operations exceeded 400m roubles, having increased two times. Export supplies made up 22 % of the total size of realisation.”
“The financial results prove that the company works successfully with metallurgical and petrochemical enterprises, giving the full range of engineering services for their investment plans,” Ermolov added.
Actively developing the gas business, the company continues investments into on-site projects, with the number of on-sites totalling four. These include the production of industrial gases for the Seversk pipe plant(TMK) and Pervouralsk Novotrybniy plant (TMK) in 2007, new projects for the Novozlatoustovsk metallurgical plant (the group of companies ESTAR) and the Taganrog metallurgical plant (TMK).
Along with the growth of volume of the market share, increasing efficiency is an important priority for the company.
“It’s pleasant to note that here we’ve achieved the best results in comparison to 2006: the sales profit amounted 13.5% against 8.3%, and the net profit 6.1% against 5.7% in 2006,” explained Deputy Financial Director Leonid Chernogog.
“During the year we’ve actively been occupied with the introduction of the ERP system and are convinced that in 2008 we’ll see the further increase of the efficiency of the company.”