OAO Kristall, the largest Russian diamond manufacturer based in Smolensk, summed up its performance in 2011 and posted record financial results, judging by the press release received by Rough&Polished.
The company’s revenue in the period under review reached RUB 16.732 billion, or 56% above target and 38% higher compared to one year ago (in 2010 it was RUB 12.102 billion).
Kristall boosted its net profit more than 1.5 times in 2011 against 2010 driving it to RUB 287.995 million (compared with RUB 187.825 million in 2010).
In 2011, Kristall officially opened its own training center to help compose a personnel reserve for the company. The center is training workers of all specialties, who are now highly demanded by the factory.
Also in 2011, Kristall continued its program of innovative development comprising global technological modernization, for which purpose the company allocated RUB 172.828 million.
According to Kristall, its production capacity was used for 100% in the reporting year.
The diamond manufacturer remains to be a strategically important, socially significant and socially responsible business for the local province and the entire country. Sixty percent of the company's needs for rough diamonds are met by a long-term contract with ALROSA, a rough market monopolist in the Russian Federation. Kristall has also a long-term contract with OAO Nizhne-Lenskoye, buys diamonds from Gokhran (the Russian state repository) and in the free market. Besides, Kristall is the only sightholder of De Beers in Russia (in 2011 the company’s contract was extended for another three years).
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