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Saturday, 20.04.2024, 01:45
Lithuania's Lifosa completes new fertilizer production unit
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The company, which is based in Kedainiai, in central Lithuania, is holding a ceremony next week to inaugurate the new unit.
The daily Verslo Zinios reported in April that Lifosa had taken over the technology for manufacturing this type of fertilizers from a factory in Dubai.
The company in August 2017 launched a new 19.6-million-euro soluble fertilizer production unit.
Lifosa last year saw its revenue fall to 311.989 mln euros, down 15.1% from 367.421 mln euros in 2017. It projects revenue of around 307 mln euros this year.
Last year, its net profit jumped by 25.5% to 7.705 mln euros and pre-tax earnings soared by 81.9% to 8.2 mln euros.
The fertilizer producer is 100% owned by Swiss-registered Eurochem Group, in which AIM Capital, a Cyprus-registered firm of Russian businessman Andrey Melnichenko, holds a 90% stake.
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