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15/03/2019
14:34
Metalloinvest increased 12-month IFRS net profit by 17.1% in 2018

IFRS net profit of Metalloinvest for 2018 increased by 17.1% year-on-year to $1.647 billion, the company reported.

EBITDA increased by 38.4% to $2.934 billion in 2018, EBITDA margin grew to 40.8% from 34% a year earlier. EBITDA of the company's mining segment reached $2.267 billion, up 30.1% from $1.742 billion in 2017, largely due to price growth, as well as an increase in HVA products in the company's product mix as the company launched phase 3 of the HBI production complex).

The steel segment's EBITDA grew by 61% to $654 million. "The growth of the Steel Segment's EBITDA was mainly driven by the increase in steel and iron ore average prices in 2018 following the increase of global prices, as well as the rise of steel product shipments," the company notes.

The company's revenue increased by 15.3% year-on-year to $7.187 billion, mainly due to an increase in global steel prices (+12.1%), pig iron (+7.9%) and high-quality iron ore (+2.9%), a change in the product mix by increasing high value-added (HVA) product shipments.

Metalloinvest is a leading producer and supplier of iron ore products and direct reduced iron in the global market, one of the regional producers of high-quality steel. The company possesses the world's largest iron ore deposits under development and has achieved one of the lowest cost of IORM production values.

100% of the company's shares are controlled by USM Holdings whose largest beneficiary is Alisher Usmanov (49%). Other shareholders of Metalloinvest are entities of Vladimir Skoch entities (30%) and Farhad Moshiri (10%).

IFRS net profit of Metalloinvest for 9 months of 2018 grew by 14.3% year-on-year to $1.245 billion. Revenue increased by 17.3% to $5.342 billion, EBITDA by 41.1% to $2.183 billion.

"AK&M", 14.03.2019 18:45

 

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