Polyus H1 adjusted net profit jumps 33% y/y

29th August 2023

By: Reuters


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Russia's largest gold miner Polyus posted a 33% year-on-year jump in January to June adjusted net profit on Tuesday, and a 37% earnings before interest, taxes, depreciation and amortisation (Ebitda) increase following higher prices and increased sales.

The company's adjusted net profit stood at $1.05-billion, with Ebitda at $1.7-billion and revenue at $2.39-billion, up 29% year-on-year. Non-adjusted profit was down 59% at $558-million.

Physical sales volume rose 24%, while gold output jumped 36% to 1.45-million ounces, with the difference going into stockpiles.

Polyus, which has been hit by Western sanctions over Russia's invasion of Ukraine and completed a $6.4-billion share buyback last month, said it could consider cancelling a portion of the repurchased shares.

Edited by Reuters


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