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Ferrexpo plc (LSE:FXPO), a leading producer and exporter of premium iron ore pellets, has announced its interim results for the six months ended June 30, 2024. The company achieved a notable increase in production and sales, reflecting its robust operational performance.
- Commercial Production: Total commercial production surged by 75% to 3.7 million tonnes, including 3.3 million tonnes of pellets and 0.4 million tonnes of commercial concentrate.
- Sales: The company’s total sales volume rose by 85% to 3.8 million tonnes. Notably, 1.8 million tonnes were exported via Ukrainian Black Sea ports.
Financial Highlights
- Revenues: Ferrexpo reported a revenue increase of 64%, reaching US$549 million. This growth was driven by the higher sales volume, despite a decline in prices compared to the first half of 2023.
- Profit After Tax: Profit after tax more than doubled, climbing 104% to US$55 million, reflecting significant improvements in profitability.
- Interim Underlying EBITDA: The interim underlying EBITDA increased by 24% to US$79 million. This growth was attributed to the higher sales volume, although it was partially offset by lower realized prices and increased production costs, particularly due to rising energy prices in Ukraine.
- Net Cash Position: The Group ended the period with a strong net cash position of US$112 million, consisting of US$115 million in cash and cash equivalents, against minimal financial debt of US$4 million as of June 30, 2024.
Ferrexpo plc’s interim results for the first half of 2024 highlight substantial improvements in production and sales, coupled with significant gains in profitability.
