Moscow: ALROSA disclosed its financial results for the third quarter and nine months of 2016 in line with the International Financial Reporting Standards (IFRS).
ALROSA’s 9M 2016 revenue increased by 48% y-o-y and totalled RUB 255.6 bn. The Company’s EBITDA grew by 67% y-o-y to RUB 150.0 bn, with EBITDA margin totalling 59%.
The miner’s net income and free cash flow increased threefold y-o-y to RUB 116.9 bn and RUB 104.1 bn respectively.
Andrey Zharkov, CEO of PJSC ALROSA, commented: “The recovering demand for diamonds has driven up sales volumes and reduced the remaining diamond inventories. Cost control measures have allowed to keep production costs growth rate at the minimum level. The threefold growth in the net cash flow and net profit of the Company creates enough liquidity to increase dividend payments to the shareholders and early debt repayment”.
ALROSA is the world’s largest diamond producer in terms of carats. It is engaged in the exploration, mining and sale of rough diamonds. The Company is carrying out its operations on the territory of the Republic of Sakha (Yakutia) and in the Arkhangelsk Region. ALROSA Group produced 27.9 million carats of diamonds in the first 9 months of 2016.