MOSCOW, April 16. /TASS/. Net profit of Russia’s Novolipetsk Steel Company (NLMK) under International Financial Reporting Standards (IFRS) increased by 25.8% in 2023 compared to 2022 to 209.37 bln rubles ($2.2 bln), according to files released by the company.

Revenue rose by 3.6% in the reporting period to 933.44 bln rubles ($9.9 bln). Gross profit amounted to 379.74 bln rubles ($4 bln), up by 9.3% compared with the previous year, while profit before tax totaled 201.82 bln rubles ($2.1 bln), down by 1.2%.

In 2021, the company’s net profit equaled 371.65 bln rubles, while revenue stood at 1.029 trillion rubles.

NLMK Group is a vertically integrated metals company, one of Russia’s largest producers of steel products. The group’s production assets are located in Russia, Europe and the US.

The main shareholder of NLMK is Vladimir Lisin, who holds 79.3% of shares through Fletcher Group Holdings Limited, while 20.7% of the company’s shares are in free float.