Uralkali sales revenue grows 6% to $2.6 bln in 9M
MOSCOW. Dec 18 (Interfax) - Uralkali saw its sales revenue grow 6% year-on-year in January-September to $2.622 billion, the potash miner said in a statement.
Net revenue fell 1% to $2.031 billion.
Potassium chloride sales grew 33% to 9.2 million tonnes.
Revenue grew 5% to $896 million in Q3. Net revenue rose 3% to $715 million, Sales volumes grew 19% to 3.1 million tonnes.
Average export price, FCA, fell 14% y-o-y to $233 per tonne.
Uralkali continued to optimise its loan portfolio, prolonging its average tenure and decreasing the effective interest rate. Thus, in August, Uralkali signed an agreement with Promsvyazbank to open a $250-million unsecured credit line with a 10-year repayment period. The new loan will be used primarily for refinancing to further improve the characteristics of the credit portfolio. At the end of September 2014, the effective interest rate for the whole credit portfolio was 3.6%; the company's net debt decreased to $3.616 billion.
"Q3 2014 continued the positive trend of this year and was characterised by solid global potash demand. Supply tightness continued to be apparent globally with a number of producers fully committed through July-September at the start of the quarter. A combination of strong demand and restricted supply pushed prices higher in major markets," the company said.
"Global potash deliveries in 2014 are estimated to reach a record 59-60 million tonnes, aided by restocking needs and affordable potash prices. Potash demand is estimated to have increased in all regions this year, but stronger growth was seen in the USA, South East Asia and India. As of the end of 2014, the potash industry is in reasonably good shape with healthy inventory levels," it said.