Norilsk Nickel’s net profit under RAS for 9 months of 2023 fell by 78% – Kommersant

Norilsk Nickel’s net profit (MOEX: GMKN) according to RAS for the first nine months of 2023 amounted to about 68 billion rubles, which is 78% less than for the same period last year, follows from the financial statements (.pdf) mining and metallurgical company.

A company representative stated “Interfax”that the drop in net profit was caused by the effect of exchange rate differences. They amounted to 454 billion rubles, the agency reports.

According to the report, Norilsk Nickel’s revenue increased during the reporting period in annual terms by 2%, amounting to 622 billion rubles. Cost of sales increased by 19% year-on-year, to RUB 401 billion. The company’s profit before tax fell by 88% year-on-year and amounted to RUB 44.3 billion.

Norilsk Nickel’s RAS reporting reflects only the indicators of the company’s Polar Division and does not take into account the results of the Kola MMC. Net profit of Norilsk Nickel according to IFRS for the first half of 2023 amounted to $1.07 billion, which is 78.8% less than last year’s figure — $5.1 billion.

Norilsk Nickel’s consolidated revenue for 2022 amounted to $16.9 billion, which is 5% less than a year earlier. In 2022 the company increased nickel exports by 190% and became the least losing company in the Russian Federation in the non-ferrous metallurgy at the end of the year.

Erdni Kagaltynov