MOSCOW, February 6. /TASS/. Net profit of MMK Group under International Financial Reporting Standards (IFRS) climbed by 68.2% in 2023 compared with 2022 to 118.36 bln rubles ($1.3 bln), the company reported.

Revenue rose by 9.1% in the reporting period to 763.39 bln rubles ($8.4 bln). EBITDA gained 26.2% to 195.6 bln rubles ($2.1 bln) as a result of improvement of the sales structure, including an increase in sales of premium products. EBITDA margin reached 25.6% compared with 22.2% in the previous year.

Free money flow for 2023 dropped by 57.6% to 30.75 bln rubles ($338 mln) reflecting growth of capital expenditures amid further implementation of the development strategy. Capital expenditures of the group amounted to 94.86 bln rubles ($1 bln) in 2023, up by 26.4% compared with 2020 due to continuing implementation of MMK’s development strategy. Net debt was negative at 89.29 bln rubles ($983 mln), while net debt/EBITDA ratio equaled -0.46x.