Ferrexpo cuts profit 3 times to USD 27 million, cuts earnings 2.8 times to USD 0.3 billion in H1, 2023

In the first six months of 2023, Ferrexpo plc (United Kingdom), which controls Poltava Mining and Yeristovo Mining (both located in Horishni Plavni, Poltava region), decreased its profit three times, or by USD 55.1 million, to USD 27 million, reducing earnings 2.8 times, or by USD 601.9 million, to USD 334 million year over year.

This is indicated in the company's statement on the London Stock Exchange, the Ukrainian News Agency reports.

In the first six months of 2023, the company reduced EBITDA (Earnings before Taxes, Interest, and Depreciation) 7.6 times or by USD 422 million year over year to USD 64 million, reflecting rising costs mainly due to lower output, rising global inflation and energy prices.

In the first six months of 2023, capital investments fell by 43% to USD 58 million.

As Ukrainian News Agency earlier reported, in 2022, Ferrexpo reduced its profit four times or by USD 651 million year over year to USD 220 million, and revenue – twice or by USD 1.27 billion to USD 1.25 billion.

In 2022, Ferrexpo reduced the production of pellets by 46% year over year to 6.1 million tons.

The majority shareholder of the Ferrexpo group is businessman Kostiantyn Zhevaho.