Date: 3 months ago   Category: Industry

The net profit of Norilsk Nickel according to IFRS in the first half of the year has grown by 81% — Rambler News Service


The net profit of Norilsk Nickel according to IFRS in the first half of the year 2018 has grown by 81% in comparison with the same period of last year – to $1,65 billion, have reported in the company. The revenue of the company for the same period has grown by 37% to $5,8 billion "due to increase in prices of a basket of metals, increase in the production of copper and metals of platinum group and also sale of palladium from earlier created stocks". The indicator of EBITDA has grown by 77% year-on-year to $3,1 billion, generally due to increase in proceeds from sales of metals and increase in production efficiency, have noted in the company. Profitability on EBITDA has increased from 41% to 53%, the volume of capital investments has decreased by 25% to $500 million thanks to end of an active phase of construction of the Chita project, modernization of the Talnakh concentrating factory and also a number of projects of power infrastructure in 2017, have noted in Norilsk Nickel. Net working capital was reduced by 20% to $1,7 billion generally thanks to sales of palladium from earlier saved up stocks and also optimization of structure of the capital. The free cash flow has increased by 5 times to $2,6 billion. The ratio of a net debt to EBITDA indicator as of June 30, 2018 has decreased almost twice to 1,1x. Norilsk Nickel — the mining and metallurgical company, the world's largest producer of nickel and palladium, the leading producer of platinum, cobalt, copper and rhodium. The head of Interros Vladimir Potanin controls 34,4% of Norilsk Nickel, 27,8% — at RUSAL which largest shareholder is Oleg Deripaska. Roman Abramovich and his partners have 6,3% of Norilsk Nickel from which 4% are on balance of the Cyprian offshore Crispian.

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