Solvay Sodi to reinvest full 2001 profit

A general shareholders meeting of Bulgarian soda ash producer Solvay Sodi in Devin, northeastern Bulgaria, decided to reinvest the company“s 2001 net profit of BGL 22.9 million and pay no dividend. S…

A general shareholders meeting of Bulgarian soda ash producer Solvay Sodi in Devin, northeastern Bulgaria, decided to reinvest the company“s 2001 net profit of BGL 22.9 million and pay no dividend. Solvay Sodi generated net sales revenue of BGL 209.9 million in 2001 and paid BGL 1.6 million in profit tax. The management spent BGL 21.6 million to upgrade the existing heavy ash soda production facilities and to meet environment protection requirements. Solvay Sodi also spent BGL 4.2 million to buy shares in its subsidiaries, the thermal power plant Deven nearby and the Provadsol salt quarry. The management has allotted BGL 80 million to upgrade production facilities in the 2002-2004 period to ensure that Sodi keeps its competitive edge on the international markets; a portion of that amount will go for the adoption of the ISO 14 000 production quality certificate. Belgium“s chemical concern Solvay bought a 60% stake in Solvay Sodi for US$ 160 million in 1997. Reaching a 90% utilization rate of output capacity in 2001 for the first time since 1986, the plant had an output of 1.132 million tons of soda ash versus 680,000 tons in 1997.