Acron, one of Russia’s largest mineral fertilizer producers, posted a 16 percent fall in its 2010 IFRS net profit to 6.279 billion rubles ($207 million), Acron said on Wednesday.
Acron’s 2010 revenues grew by 24 percent to 46.738 billion rubles, the firm said, thanks to growth in sales and rising world prices for mineral fertilizer and sales, the firm said.
“Stable high demand for nitrogen and complex fertilizers in 2010 drove output and sales at the Group’s companies. Our main production facilities operated at full capacity throughout 2010, and an aggressive distribution policy furthered expansion into new, rapidly growing markets in Asian and Latin America,” Acron board of directors chairman Alexander Popov said in a statement.
The company’s EBITDA grew 42 percent year-on-year to 10.336 billion rubles, while EBITDA margin rose to 22 percent from 19 percent in 2009.
“EBITDA was up at all of the group’s business segments, including Hongri Acron, which posted an EBITDA margin of 11%, against a loss incurred in 2009,” Acron said.
Acron’s 2010 net debt was up 15 percent to 28.315 billion rubles due to the group’s intensive investment program.
“In the beginning of 2011 conditions have remained favorable in the global mineral fertilizer market, and we anticipate further growth in operating and financial highlights. We will also continue implementing key investment projects to increase the shareholder value of the group,” Popov added.
MOSCOW, April 27 (RIA Novosti)