Zhevaho’s Ferrexpo doubles its profit in H1, 2024

In January-June 2024, compared to the same period last year, the Ferrexpo plc (United Kingdom), which controls Poltava Mining and Yeristovo Mining (both located in Horishni Plavni, Poltava Region), increased its net profit twice, or by USD 28 million, to USD 55 million.

The company has said this in a statement on the London Stock Exchange, the Ukrainian News agency reports.

The group's revenue in the first half of the year increased by 64% to USD 549 million, mainly due to the recovery of exports from Ukrainian Black Sea ports.

In particular, Ferrexpo managed to resume deliveries to some customers in the Far East.

However, geopolitical tensions in the Middle East have led to increased freight rates and risk premiums.

In the first half of the year, the company increased EBITDA (Earnings before Taxes, Interest, and Depreciation) by 24%, or USD 15 million, to USD 79 million, which is largely due to increased revenue due to increased production.

Capital investments in the 1st half of the year decreased by 5% to USD 55 million.

As the Ukrainian News agency earlier reported, Ferrexpo ended 2023 with a loss of USD 85 million, while the company ended 2022 with a profit of USD 220 million.

In 2023, Ferrexpo reduced the production of pellets by 36.5% to 3.8 million tons.

Kostiantyn Zhevaho is the majority shareholder of Ferrexpo.