Kvarts

JSC "KVARTS" is the largest producer of float glass and glass products in Central Asia, producing high-temperature polished glass, glass parts and glassware, polished coloured glass sheets (green, blue, and bronze) for the automobile industries, construction, and food industries and it is a manufacturer of high-temperature-resistant glassware.

The company was founded in 1975 in Kuvasoy, Fergana Province. The company has 2 311 employees. The enterprise's total area is 59.35 ha, the nominal value of the company's stock is 1715 UZS, and the total number of shares is 96 449 218. The share belonging to JSC "UzAssets" is 89.8%.

There are five central and nine auxiliary workshops on the territory of the enterprise.

 JSC "KVARTS" market share is 95% for glass jars, 60% for construction glass, and 50% for glass bottles. The company exports its products in large quantities to a number of foreign countries: Kazakhstan, Turkmenistan, Tajikistan, Kyrgyzstan, Georgia, Ukraine, and Afghanistan.

The plant's annual capacity for glass jars is 269 million pieces per year, glass bottles – 110 million pieces, and 22 million m2 of polished glass.

During the BID International Quality Convention in Paris in February 2017, JSC “KVARTS” was awarded the "Gold" International Star for Leadership in Quality (ISQL).

Since September 2016, "Kvarts" fully localised the use of raw materials for the production, and in 2017, the company launched the production of decorated glass products. In addition, the production lines had undergone significant modernisation.

JSC “KVARTS” sold 5% of the shares in the IPO in 2018 and 5% of the securities in 2019 through the SPO, respectively. Both IPO and SPO of the company’s stocks were first of a kind in the country.

In order to increase production capacity, JSC "KVARTS" is working on the launch of a new production line for float glass. The $70.2 million cost project will produce $3 million worth of export volume and 22.2 million square meters of float glass annually. The launch of the project is scheduled in April-May of 2021.

The company is a leader in the industry and has a number of competitive advantages:

The securities have high liquidity in the country’s market (blue chip);

Ensuring a high level of corporate governance and transparency;

Experience in IPO and SPO;

The construction volume is proliferating in the country;

The development of the country's automobile industry, manufacturing furniture, food products, and construction materials have led to an increase in demand for glass and glass products;

In 2021-2022, the company is planning to transfer its financial and accounting reports from the National Accounting Standards of the Republic of Uzbekistan (NAS) to the International Financial Reporting Standards (IFRS).

Year  Accrued dividends (In.B.UZS) Payout ratio of the net profit 
(According to NAS)
2020 (business plan)
           (assumption)
17,68 50%
2019 10,1 50%
2018 0 0%
2017 44,1 50%

Indicators (in thousand UZS) Change over previous year 2020 2019 (IFRS) 2018 (IFRS) 2017 (IFRS)
Revenue -18%   246 913 316 299 923 991 302 853 594
Cost of sales 4%   169 230 413 163 369 994 139 919 876
Gross Profit -43%   77 682 903 136 553 997 162 933 718
Distribution costs -1%   57 994 685 58 607 854 48 369 081
Administrative expenses  
Operating expense  
Other operating income 145%   6 692 857 2 734 224 2 859 967
Operating Profit -67%   26 381 075 80 680 367 117 424 604
Finance income -17%   14 536 606 17 497 194 28 938 249
Foreign currency revaluation income -   - - -
Finance expense -13%   418 669 478 953 34 950 913
Profit Before Tax -59%   40 499 012 97 698 608 111 411 940
Income tax -49%   5 806 103 11 337 166 17 116 798
Net profit -60%   34 692 909 86 361 442 94 295 142

Kvarts

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