In January-June 2022, Ferrexpo plc (United Kingdom), which controls Poltava Mining and Yeristovo Mining (both located in Horishni Plavni, Poltava region), decreased its profit eight times, or by USD 579.4 million, to USD 82.073 million, reducing earnings by 30.8%, or USD 416.8 million, to USD 935.874 million year over year.
The company announced this in a statement on the London Stock Exchange, Ukrainian News Agency reports.
In the first half of the year, due to higher costs, mainly due to lower production volumes, rising global inflation and energy prices, the company reduced its Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) by 44%, or USD 382.2 million, to USD 486.121 million, capital investment decreased by 28% to USD 102 million.
Sales volumes in the first half of the year decreased by 21% to 4.4 million tons due to logistical restrictions.
As Ukrainian News Agency earlier reported, in 2021, compared to 2020, Ferrexpo plc increased profit by 37.1% or USD 235.7 million to USD 870.993 million, increasing revenue by 48.1% or USD 818 million to USD 2.518 billion.
In 2021, compared to 2020, the company increased its EBITDA by 67.5% or USD 580 million to USD 1,439 million, capital investments increased by 75% to USD 361 million.
In 2021, compared to 2020, the company increased pellet production by 0.02% to 11.22 million tons.
Kostiantyn Zhevaho is the majority shareholder of Ferrexpo.
Who we are: About us, Contacts. How we write news and our principles: Editorial code. We did our best. If you found this valuable – please support us.
To request a correction, please send an email.