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Ferrexpo shares plunge more than 9% despite significant growth in company profits

Mining industry / Ukraine

Ferrexpo in January-June 2021 received $ 661.426 million in net profit, which is 2.65 times higher than in 2020 ($ 249.908 million).

Ferrexpo shares plunge more than 9% despite significant growth in company profits

Shares of the British mining company Ferrexpo with assets in Ukraine on the London Stock Exchange fell 9.33% on Wednesday, despite the company's significant profit in the first half of 2021.

According to the company's semi-annual report released on Wednesday, its revenue for the reporting period increased by 74.3% - to $ 1 billion 352.656 million from 775.831 million.

At the same time, Ferrexpo in January-June 2021 received $ 661.426 million in net profit, which is 2.65 times higher than in 2020 ($ 249.908 million).

EBITDA jumped 2.47 times - to $ 868 million from $ 352 million (in the first half of 2020.

Ferrexpo's capital investment in the first half of this year was $ 142 million, up from $ 96 million in the first half of last year.

Interim dividends were 39.6 cents per share (in the first half of 2020 they were 13.2 cents).

As reported, Ferrexpo in January-June 2021 reduced total pellet production by 0.6% compared to the same period in 2020 - to 5.563 million tonnes.

Ferrexpo is an iron ore company with assets in Ukraine.

Ferrexpo owns 100% of shares of Poltava GOK, 100% of Eristovsky GOK and 99.9% of Belanovsky GOK.

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