The net profit of the Russian steelmaker Novolipetsk Steel (NLMK) soared by 63% YoY, to $1.022 billion in January-September, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on October 27.
Revenue grew by 28%, to $7.25 billion, and EBITDA by 31%, to $1.869 billion.
In July-September, the net profit of NLMK increased by 4% QoQ, to $357 million, revenue remained almost flat at $2.544 billion, and EBITDA gained 7%, to $648 million.
The net debt of the company contracted by 29% in the third quarter, to $743 million as of September 30. The ratio of the net debt to EBITDA decreased to 0.31 from 0.43.
NLMK plans to increase its steel output by 2.2% YoY, to 17 million tons in 2017.
In March, NLMK CEO Oleg Bagrin said that the company’s steel output might remain flat YoY in 2017 or rise slightly compared with the 2016 output. (Prime/Ukrainian metal)