Acron : IFRS revenue for 2024 up 10%

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[{"type":"text","content":"\n Today, Acron Group (Moscow Exchange: AKRN) has released its consolidated IFRS financial statements for 2024.\n Key Financials\n \n Revenue was RUB 198,167 million (USD 2,141 million), up 10% year-on-year (2023: RUB 179,458 million or USD 2,105 million).\n \n \n EBITDA* was RUB 60,721 million (USD 656 million), down 12% year-on-year (2023: RUB 68,740 million or USD 806 million).\n \n \n EBITDA margin decreased to 31% from 38% in 2023.\n \n \n Net Profit was RUB 30,520 million (USD 330 million), down 15% from the previous year (2023: RUB 35,866 million or USD 421 million).\n \n \n Net Debt increased 4.1 times to RUB 103,338 million in 2024 from RUB 25,098 million at 31 December 2023. In US dollar terms, Net Debt increased 3.6 times to USD 1,016 million from USD 280 million.\n \n \n Net debt/EBITDA for the period increased to 1.70 from 0.37 a year ago. In US dollar terms, the ratio was 1.55 compared to 0.35.\n \n Operating Results\n \n The output of the main products was 8.385 million tonnes, almost at the same level as the previous year (8.382 million tonnes).\n \n \n Sales of the main products totalled 8.456 million tonnes, up 2% year-on-year.\n \n Alexander Popov, Chairman of Acron's Board of Directors, commented on the results:\n \n \n 'In 2024, our capex reached a record level of RUB 46.5 billion. In the chemical segment, the main focus was on the modernisation of ammonia units. We have already completed the overhaul of Ammonia-3 in Veliky Novgorod, and repairs to the remaining ammonia units are well underway. Following the modernisation of the Group's four units, total capacity will increase to around 500,000 tonnes by 2026.\n \n \n The expansion of ammonia production will push up the output of downstream products. We plan to launch the second calcium nitrate unit in 2025 and finish the overhaul of Urea 1-4 units in Veliky Novgorod in 2026. We are already seeing the effects of the work carried out in 2024 and plan to increase our commercial production by 7% to 9 million tonnes in 2025.\n \n \n The Oleniy Ruchey mine continued to develop its underground operations, having completed the connection of the underground mine to the auxiliary shaft and the construction of the second main air heater, which boosted the underground ore extraction capacity. Strong demand for apatite concentrate resulted in its record-high output of 1...

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