16 Apr 2024 13:12

NLMK's IFRS profit grows 26% to 209 bln rubles on revenue up 4% to 933 bln rubles in 2023

MOSCOW. April 16 (Interfax) - NLMK Group increased its net profit to IFRS by 25.8% to 209.373 billion rubles in 2023 from 166.441 billion rubles in 2022, the Russian steelmaker reported in its consolidated financial statements.

However, this was down from a profit of 371.653 billion rubles in 2021.

The group's revenue rose 3.6% to 933.435 billion rubles in 2023 from 900.823 billion rubles in 2022, but was still down from 1.029 trillion rubles in 2021.

Gross profit increased by 9.3% to 379.741 billion rubles last year from 347.335 billion rubles in 2022, but was down from 569.192 billion rubles in 2021. Profit attributable to shareholders totalled 209.031 billion rubles in 2023.

The group's total debt stood at 92.5 billion rubles at the end of 2023.

The parent company's retained earnings available for distribution to shareholders stood at 673.48 billion rubles as of December 31, 2023. Under the group's dividend policy, if the net debt/EBITDA ratio is below 1.0, dividend payments are supposed to be equivalent to or more than 100% of free cash flow, and if it is higher than 1.0 the payout is supposed to be equivalent to or greater than 50% of FCF.

NLMK's board of directors recommended paying dividends in the amount of 25.43 rubles per share, or 152.408 billion rubles in total for 2023. The company has not paid dividends since the end of 2021.

NLMK Group is a vertically integrated steel company with operations in Russia, Europe and the United States. The group's principal ultimate beneficiary as of the end of 2021 was Vladimir Lisin with 79.3%.