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Polymetal posts 40% rise in 2023 adjusted net profit under IFRS to $615 mln

It is reported that capital expenditures totaled $679 mln, down by 14% compared with 2022 and 3% below the lower end of the guidance range of $700-750 mln

MOSCOW, March 15. /TASS/. Adjusted net profit of Polymetal under International Financial Reporting Standards (IFRS) increased by 40% to $615 mln in 2023 from $440 mln in the previous year, the company reported.

Net profit amounted to $528 mln in the reporting period compared to $288 mln loss in 2022. Adjusted EBITDA rose by 43% compared with 2022 to $1.46 bln amid a surge in prices for metals and a decrease in cash costs.

Capital expenditures totaled $679 mln, down by 14% compared with 2022 and 3% below the lower end of the guidance range of $700-750 mln, "as a result of the substantial positive impact of Russian ruble devaluation on local-currency costs," the company said.

Net debt of Polymetal was almost flat last year at $2.383 bln. Net debt/adjusted EBITDA ratio stood at 1.64x (2.35x in 2022).

On March 11, Polymetal closed the deal to sell 100% of shares of Polymetal (the holding company of Russian assets) to Mangazeya Plus.

Kazakhstan purchases around 280 mln kWh of electricity from Russia in 2024

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The two sides reaffirm the importance of global security and peace

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Putin congratulates parade participants on Victory Day

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European Commission confirms agreement on expropriation of income from Russian assets

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New Russian combat equipment in 2024

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Israeli Ambassador to Russia Simona Halperin said said that Israel works with the international SWIFT system

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Putin considers Cuba — EAEU interaction useful

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Israel and Russia double number of flights for spring and summer — ambassador to Moscow

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Ability to pay with Russia’s Mir card in Laos will attract tourists — Putin

Russian President noted that last year the countries showed a modest growth in trade and economic interaction

Russian diplomat slams Western ambassador for being absent from Putin’s inauguration

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Hungary, China ink 16 cooperation agreements, including on nuclear energy

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Parades, concerts across Russia to mark Victory Day on May 9

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Pashinyan remains silent over opposition’s demand for his resignation within one hour

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UK announces expulsion of Russian defense attache, new diplomatic visa restrictions

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UN General Assembly recommends Security Council consider making Palestine UN member state

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Russia maintains its nuclear weapons policy, but situation is changing — diplomat

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Kazakhstan purchases around 280 mln kWh of electricity from Russia in 2024

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Russia didn’t invite officials from unfriendly countries to victory parade, diplomat says

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Polish PM says NATO troops are in Ukraine

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Aurus Merlon electric motorcycle available for pre-order — acting Deputy PM

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