EVRAZ Holding’s Net Profit Up 13.3 Times

10 August 2018 (14:09)

UrBC, Moscow, August 10, 2018. EVRAZ Holding’s net profit (calculated in accordance with the International Accounting Standards) rose to $1.145bn in the first half of 2018, which is 13.3 times more than one year previously, the company reports.

The holding’s EBITDA amounted to $1.906bn, which exceeded the figures for the first half of 2017 ($1.152bn) by 65.5%.

‘Our EBITDA’s margin rose from 22.2% to 30% due to increasing vanadium, coal, and steel prices and due to our cost-cutting program,’ the company says.

In fact, the company’s cost-cutting/efficiency-enhancing program resulted in $117m in savings. Moreover, EVRAZ’s overall debt dropped by $646m, down to $4.786, in the six months of 2018. The company’s net debt also went down to $3.884bn.

EVRAZ Holding paid $617m in dividends in the first half of 2018 as well.

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