Polymetal's loss for 2022 amounted to $288 million

AK&M 16 March 2023 12:49

Polymetal's adjusted net profit for 2022 decreased by 52% to $440 million from $913 million in 2021. As a result of the decrease in EBITDA and the recognition of non-monetary expenses related to impairment ($653 million after tax effect), the Group's net loss in 2022 amounted to $288 million compared to a profit of $904 million in 2021. This is stated in the company's message.

Revenue decreased by 3% to 2.8 billion from $2.89 billion, of which $933 million (33%) accounted for the Group's enterprises in Kazakhstan and $1.87 billion (67%) – for the Group's enterprises in Russia. The average selling prices of gold and silver decreased by 2% and 12%, respectively, which reflected the dynamics of the market. Annual production increased by 2% and amounted to 1.7 million ounces of gold equivalent. Gold sales decreased by 1% to 1.37 million ounces, while silver sales increased by 6% to 18.5 million ounces.

Adjusted EBITDA decreased by 31% and amounted to $.1.017 billion amid rising costs and lower metal prices. At the same time, $478 million (47%) of the indicator falls on enterprises in Kazakhstan and $539 million (53%) – on Russian enterprises.

Polymetal International plc - to produce gold and silver with assets in Russia and Kazakhstan.

Polymetal's adjusted net profit for the first half of 2022 was $203 million compared to $422 million a year earlier. The group's net loss was $321 million compared to a profit of $419 million a year earlier. Adjusted EBITDA decreased by 35% to $426 million. Revenue decreased by 18% to $1.05 billion.