Russia’s major potash producer Uralkali posted an 83% rise in 2010 net profits to 16.654 billion rubles ($584 milion) to IFRS, the company said in a statement on Friday.
“The recovery in crop commodity prices, followed by increasing fertilizer demand, allowed Uralkali to reach pre-crisis production volume levels in 2010,” the company quoted Uralkali CEO Vladislav Baumgertner as saying.
Revenue for the year rose 53% to 51.6 billion rubles, while potassium chloride sales went up 103% to 5.1 million tons in 2010, the statement said.
Adjusted EBITDA soared 48% to 24.298 million rubles, while EBITDA margin rose to 60% from 56%.
“Uralkali expects its production and sales to rise further this year after the proposed merger with Silvinit is completed. Once the regulatory approvals have been obtained and the merger has been completed, the combined company’s production capacities and investment projects will enable the group to produce 13 million tonnes of potash in 2012,” said Baumgertner.
Uralkali said that net profit of Silvinit edged up 10% in 2010 to 11.532 billion rubles. Revenue grew by 16% to 39.025 billion rubles last year, while net revenue amounted to 34.925 billion rubles after 32.083 million rubles a year earlier.
Silvinit’s EBITDA fell 14% to 18.335 million rubles, while EBITDA margin fell to 53% from 66% compared to 2009.
MOSCOW, April 1 (RIA Novosti)