Nornickel’s net profit increased by 18% in six months
12+

Nornickel’s net profit increased by 18% in six months

August 10, 2022

The company announced interim financial results for the first half of 2022.

#ARCTIC. #SIBERIA. THIS IS TAIMYR. The company’s consolidated revenue remained virtually unchanged compared to the same period last year and amounted to $9 billion.

EBITDA margin was 53 percent. Net profit increased by 18 percent and amounted to $5.1 billion, primarily due to a significant strengthening of the ruble exchange rate and, as a result, revaluation of debt obligations in foreign currency.

Capital expenditures increased 83 percent to $1.8 billion driven by planned increases in investment in key environmental and mining projects, as well as capitalized repairs aimed at improving industrial safety and reducing physical risks.

“Net working capital rose to $3.8 billion, mainly due to the ruble significant strengthening, an increase in inventories of metal products, materials and spare parts, as well as the amortization of advances from buyers and a reduction in factoring services”, Nornickel said.

Net debt doubled to $10.2 billion due to lower free cash flow and a 2021 dividend payment totaling about $6.2 billion. The company continues to fulfill its debt obligations in full.

In order to minimize restrictive economic measures introduced by a number of countries, Nornickel has developed appropriate measures and organized work to replace imports of necessary goods and services with alternative suppliers.

Previously, the company was among the first in Russia to hold its own forum on import substitution, which brought together domestic manufacturers. Representatives of more than 100 companies gathered in Norilsk.

Follow us on TelegramVKontakte.

Text: Anzhelika Stepanova, Photo: Nikolay Shchipko

August 10, 2022

All rights reserved ©️ THIS IS TAIMYR online media, 2020-2022

If quoting in whole or in part, a reference to the This is Taimyr is required. The editors are not responsible for the information contained in advertisements. The editors do not provide reference information. Registered by the Federal Service for Supervision in the Sphere of Communications, Information Technology and Mass Media. The mass media registration number is ЭЛ No. ФС 77 - 79414 dated 02.11.2020, valid. Distributed in Russian Federation and foreign countries.

Founder: Severny Gorod Media Company LLC, 663300, Krasnoyarsk Territory, Norilsk, Komsomolskaya st., 33a.

Chief editor: Natalia N. Popova

This site uses cookies and services to collect technical visitor data (IP address data, etc.) to ensure performance and improve the service quality. By continuing to use our site, you automatically agree to the use of these technologies:
Accept