Metalloinvest's IFRS net profit down 22.8% in 2020

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AK&M 25 February 2021 23:37

IFRS net profit of Metalloinvest for 2020 decreased by 22.8% to $1.34 billion, revenue by 7.9% to $6.41 billion, according to the company's financial statements.

EBITDA decreased by 1.7% to $2.47 billion, while EBITDA margin was 38.5% against 36.1% in 2019.

Total debt as of December 31, 2020 decreased by 9.5% compared to December 31, 2019 to $3.68 billion. Capex decreased by 4% to $496 million.

Metalloinvest (tax number: 7705392230) is a leading producer and supplier of iron ore products and direct reduced iron in the global market, one of the regional producers of high-quality steel. The company possesses the world's largest iron ore deposits under development and has achieved one of the lowest cost of IORM production values. 100% of the company's shares are controlled by USM Holding Company LLC whose largest beneficiary is Alisher Usmanov (49%).

IFRS net profit of Metalloinvest for 2019 increased by 5.1% to $1.731 billion from $1.647 billion a year earlier. Revenue decreased by 3.2% to $6.96 billion from $7.187 billion. EBITDA dropped by 14.3% to $2.514 billion from $2.934 billion.