OREANDA-NEWS. September 23, 2009. The Estonian chemicals company Nitrofert that specializes in fertilizers earned last year a net profit of 719.3 million kroons (EUR 46 mln), which is 4.2 times more than a year earlier.

According to the annual report, Nitrofert's operating profit was 572.5 million kroons in contrast to 170.6 million kroons in 2007.

Sales revenue soared 62 percent to 1,573 million kroons. European Union member states accounted for close to one billion kroons, the domestic market 92 million kroons and other countries 471 million kroons of the total.

By products, urea accounted for 970 million kroons and ammonia for 587 million kroons.

Nitrofert said the growth in sales revenue last year was due to price growth while the price of raw material or natural gas remained at the previous year's level.

The company made investments to the tune of 26 million kroons in 2008.

Nitrofert employed on the average 475 people during the year and its payroll expenses inclusive of the social tax added up to 103 million kroons, up by a fourth against 2007. The manager's pay was two million kroons.

The owner of Nitrofert is the Cyprus-registered Balmat Holding Limited.

According to information dating from the end of August, Nitrofert's operations have come to a halt. The manager, Alexei Nikolayev, explained that because of low prices there is no point in launching production.