Raspadskaya’s profit more than quadrupled in the first half of the year
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Raspadskaya coal company increased its profit in the first half of 2022 by 4.1 times compared to the same period last year, to $662 million. Updated financial semi-annual report of the company published on her website.
The company’s half-year results have been revised due to the completion of the purchase price allocation for the acquisition of Yuzhkuzbassugol.
Consolidated revenue of Raspadskaya increased 2.5 times, to $1.689 billion. Operating profit increased 3.7 times, to $839 million.
Earnings per share last half were $0.99 compared to $0.24 a year earlier. The company’s gross profit is $1.198 billion compared to $288 million in the first half of 2021.
The Board of Directors recommended that Raspadskaya not pay dividends for the first half of the year. After this statement, the company’s shares fell almost 8%, according to data Moscow Exchange.
“In the context of continued high volatility in key markets, the current geopolitical situation and existing restrictions, the Board of Directors does not believe that the payment of dividends will serve the best interests of the company and its shareholders,” the report says.
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