Polymetal's loss for the first half of the year amounted to $321 million

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AK&M 22 September 2022 12:02

Polymetal's adjusted net profit for the first half of 2022 was $203 million compared to $422 million a year earlier. As a result of the decrease in EBITDA and the recognition of non-monetary expenses related to impairment, the Group's net loss amounted to $321 million compared to a profit of $419 million a year earlier. This was announced by the company.

Adjusted EBITDA decreased by 35% and amounted to $426 million amid rising costs and declining sales. Of the total amount, $270 million (63%) belongs to Kazakhstan and $156 million (37%) to Russia.

Revenue decreased by 18% and amounted to $1.05 billion, of which $443 million (42%) was received in Kazakhstan and $605 million (58%) in Russia. Gold sales decreased by 23% year-on-year to 456 thousand ounces, and silver sales increased by 9% to 8.7 million ounces. The gap between sales and production of gold is due to the accumulation of gold bullion reserves at the Group's Russian enterprises. It is expected that it will begin to decline in the third quarter, as the company increases exports to various Asian markets.

Polymetal International plc. is in the top 10 gold producers in the world and in the top 5 silver producers in the world with assets in Russia and Kazakhstan. The company combines significant growth rates with a stable dividend yield.

Polymetal's net profit for 2021 under IFRS decreased to $904 million from $1.07 billion a year earlier. Revenue rose 1% to $2.89 billion from $2.86 billion. Adjusted EBITDA decreased by 12%, reaching $1.46 billion.