Russian Metals Major Norilsk Nickel's Profits Drop 37% in 2024

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Russian nickel, copper and platinum radical metals large Norilsk Nickel posted a 37% year-on-year diminution successful IFRS nett net to $1.8 cardinal successful 2024, with EBITDA diminution of 25% y/y to $5.2 billion, and revenues down by 13% y/y to $12.5 billion.

Nornickel attributed the top-line diminution to little marketplace prices for nickel and platinum radical metals. The outgo of income roseate to 580.3 cardinal rubles ($6 billion) successful 2024 versus 543.65 cardinal rubles ($5.6 billion) successful 2023, putting unit connected earnings. Debt financing costs besides accrued to 83.4 cardinal rubles ($869 million).

As expected, the absorption volition not urge to the committee of directors the outgo of dividends for 2024.

bne IntelliNews antecedently reported successful May 2024 that the company's board recommended not paying a last dividend for 2023.

In December, Nornickel CEO and large shareholder Vladimir Potanin reiterated successful an interrogation to the RBC news website that the institution volition not beryllium paying dividends successful the foreseeable future.

The dividends volition not beryllium paid until Nornickel moves to affirmative escaped currency travel (FCF), arsenic Nornickel has nary volition to get nether record-high financing costs to wage the dividends, Potanin said. He estimated that FCF was astatine antagonistic $159 cardinal arsenic of the extremity of 1H24.

The company's nickel output declined by 2% y/y to 0.2 cardinal tons successful 2024. At the aforesaid time, copper output accrued by 2% y/y to 0.43 cardinal tons. Palladium and platinum accumulation accrued by 3% and 1% y/y to 2,762 and 667,000 ounces respectively.

Nornickel besides somewhat raised its accumulation forecast for 2025, present expecting the output to beryllium virtually level arsenic compared to 2024.

This nonfiction archetypal appeared successful bne IntelliNews.

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