Swiss-headquartered iron ore miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, has announced its financial results for the full year of 2020.
In the given period, Ferrexpo recorded a net profit of $635 million, rising by 58 percent compared to a net profit of $403 million recorded in the previous year, owing to a 51 percent increase in operating profit, lower net financial expense and foreign exchange gains. Sales revenues of the company totaled $1.7 billion in 2020, up 13 percent year on year, reflecting a 17 percent year-on-year rise in total sales volumes. The company’s sales volumes increased by 17 percent to 12.06 million mt, while its EBITDA amounted to $859 million, up by 46 percent, both compared to 2019.
“Through consistent investment and capital management, the Group has once again been able to deliver a strong financial performance, coupled with shareholder returns. Despite the continued effects of the pandemic, Ferrexpo will continue to invest in both our assets and our people, producing high quality iron ore products for the global steel industry,” Lucio Genovese, non-executive chair of Ferrexpo, said. For 2021, the company expects to deliver a further increase in production from the level seen in 2020, as pellet output is likely to be higher in the second half, driven by capacity upgrades.