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Nitrogenmuvek revenue grows 25% in 2011

Artificial fertiliser maker Nitrogenmuvek had revenue of HUF 90bn in 2011, up 25% from a year before, CEO Istvan Blazsek told MTI on Tuesday.

The company’s after-tax profit is expected to exceed the HUF 5.5bn reported in 2010, Mr Blazsek said.

The CEO attributed the increase in revenue to developments undertaken between 2005 and 2008, all production going at a high output and the increased demand for its products.

Nitrogenmuvek employs 750 workers, including the company’s units.

The company exports about 50% of its production to neighboring countries such as the Czech Republic, Poland, Germany and Italy.

Nitrogenmuvek does not plan to hire more workers in 2012.