ENRC doubles profit in 2010, dividend payment at $0.31 per share
MOSCOW. March 23 (Interfax) - Kazakh mining company Eurasian Natural Resources Corporation (ENRC) posted $2.2 billion in profit for 2010 ($1.7 per share), which is an increase of 110% from 2009, the company said in a statement.
ENRC's sales revenue went up by 72% to $6.6 billion while EBITDA soared by 120% to $3.2 billion.
The final dividends for the year were announced at 18 cents per share. This will come to 30.5 cents per share overall.
The company said that its financial results had improved last year thanks to record production results and the revival of commodities markets. For instance, Russia's OJSC Magnitogorsk Iron & Steel Works (MMK) is a key client of ENRC subsidiary Sokolovsko-Sarbai Mining and Concentrating Combine (SSGPO). SSGPO shipped 10.6 million tonnes of raw materials to MMK in 2010.
The corporation plans to earmark around $2.5 billion for capex in 2011 thereby brining its total capex program to $11.1 billion.
ENRC is an integrated group for the production and enrichment of extractable resources. The group's production enterprises and assets are largely located in Kazakhstan. ENRC held an IPO on the London Stock Exchange in 2007.