MOSCOW, February 9. /TASS/. Net profit of Norilsk Nickel under the International Financial Reporting Standards (IFRS) plummeted by 51% year on year in 2023 to $2.87 bln, the Russian mining and metals company said in its report.

The EBITDA contracted by 21% to $6.9 bln. The EBITDA margin stood at 48%, compared to 52% a year earlier. Revenues of Norilsk Nickel plunged by 15% annually to $14.4 bln.

Capital expenses dropped by 29% to $3 bln, driven by ruble weakening, optimizing payments to contractors, and the review of schedules of certain investment programs due to voluntary sanctions of certain foreign supplies for delivery of imported equipment and technologies.