Net profit of Norilsk Nickel in the first half of the year decreased by 78% – Kommersant
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Net profit of Norilsk Nickel according to international financial reporting standards in the first half of 2023 decreased to $1.07 billion, which is 78.8% less than last year’s figure of $5.1 billion. This follows from the company’s financial statements (.pdf).
For the first half of the year, the company’s revenue was $7.2 billion, down 20.2% compared to the same period in 2022. EBITDA decreased by 30% to $3.37 billion. Net debt decreased by 8% to $9.1 billion.
The drop in revenue was due to lower exchange prices for all key metals, despite an increase in physical volumes of sales of platinum group metals and gold.
The company’s capital investments decreased by 19%, to $1.5 billion. This happened due to the optimization of settlements with contractors and the revision of investment project schedules. The investment forecast for 2023 is reduced from $4.7 billion to $3.5-3.8 billion, including due to the weakening of the ruble.
Sergey Malyshev, senior vice president and chief financial officer of the company, told reporters that “cash outflows” for 2023 will be significantly affected by the payment of additional windfall tax, which is expected in the fourth quarter.
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