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Seligdar posts $117 mln loss under IFRS for 2023 compared to profit in previous year

Revenue from sales rose 1.6-fold in the reporting period to 56 bln rubles ($606.7 mln)

MOSCOW, April 15. /TASS/. Net loss of Seligdar attributable to shareholders under International Financial Reporting Standards (IFRS) amounted to 10.9 bln rubles ($117.7 mln) in 2023 compared to profit in the previous year, the Russian polymetals company reported.

Revenue from sales rose 1.6-fold in the reporting period to 56 bln rubles ($606.7 mln). Bank adjusted EBITDA increased by 57% year-on-year to 21.2 bln rubles ($228 mln).

"In 2023, gold was sold on the domestic and foreign markets. Gold was purchased by banks, gold refineries, trading companies, with part of gold sold on Moscow Exchange," the company said.

The company sold concentrates on the Russian territory and for export in 2023. Export revenues amounted to 45% in 2023 (up from 43% in 2022).

Seligdar is one of Russia’s largest company in terms of gold and tin reserves with assets in the Republic of Sakha (Yakutia), the Orenburg Region, the Altai Region, Buryatia, the Khabarovsk Region and Chukotka.

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