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.