MMK Group’s Net Profit Up 2.5 Times in 2016

UrBC, Magnitogorsk, Chelyabinsk Region, February 15, 2017. MMK Group carried its annual accounting report (IAS-based) for the year 2016.
The company’s net profit rose by over 2.5 times last year against the year 2015 and amounted to $1.11m.

The Group’s revenues dropped by 3.6% against the year 2015.

‘This has to do with lower selling prices (-$20 off every 1,000 kg, or down 4.4%) by the end of the year,’ MMK explains.

The company’s EBITDA, adjusted against the sale of the remaining stakes in Fortescue Metals Group (FMG), remained nearly the same as in the previous year and came to $1.64m; the company’s profit margin thus stood at 29.1%.

MMK’s free cash flow reached $278m by the end of the year. This was somewhat less than in the year 2015, as the company spent more on capital investments; besides, the Russian ruble kept losing its value against the U.S. dollar.

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