Mechel’s profit under IFRS in 2023 decreased by 65% - Kommersant
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Mining and metallurgical company Mechel (MOEX: MTLR) at the end of 2023 at the end of 2023 received 24.25 billion rubles. profit according to IFRS. This is almost 65% less than in 2022, when the figure reached 65.17 billion rubles. Profit attributable to Mechel shareholders during the reporting period decreased to 22.32 billion rubles. After the publication of financial statements (.pdf) Over the past year, the price of the company’s shares on the Moscow Exchange decreased by more than 6.5%.
Mechel’s revenue in 2023 decreased by 6% compared to 2022, to 405.88 billion rubles. Consolidated EBITDA for 2023 amounted to 86.34 billion rubles, which is 28.8 billion rubles. or 25% lower than the same figure for 2022. EBITDA margin was 21%. Gross profit decreased to 155.54 billion rubles, operating profit to 64.85 billion rubles.
Mechel General Director Oleg Korzhov noted that the mining segment had the main influence on the dynamics of the consolidated EBITDA indicator. “The indicators weakened relative to 2022 as a result of a significant correction in market prices, as well as a reduction in coal production and sales volumes that occurred at the beginning of 2023. During the reporting period, the situation with production and shipments stabilized,” Mr. Korzhov is quoted as saying in the group’s press release (.pdf).
Against the backdrop of the publication of financial statements under IFRS, the price of Mechel shares at Moscow Exchange trading decreased by more than 6.5%. By 16:16, the company’s shares were trading at RUB 289.56. per paper (-5.14%). Yesterday, stock trading closed at RUB 305.39.
Mechel is an association of more than 20 mining, metallurgical and electricity generating companies. In addition, the group has three commercial ports and its own transport operators. The company controls more than 25% of Russia’s coking coal production capacity. Mechel also produces iron ore, steel and ferroalloys. Organization in the top 10 largest exporters of metallurgical coal to Asia.
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