EuroChem Group AG (hereinafter EuroChem or Group) has reported consolidated sales for 1Q17 of US$1.34 billion, 6% higher than sales of US$1.26 billion realised in the first three months of 2016.
1Q earnings before interest, taxes, depreciation and amortisation (EBITDA) decreased 13% year-on-year as slightly lower volumes and currency headwinds overshadowed a favourable fertilizer and iron ore pricing environment. 1Q EBITDA amounted to US$349 million, compared with US$402 million in the corresponding period of 2016. The Group realised a 1Q net profit of US$207 million.
Fertilizer sales volumes of 3.78 million t for the first three months of the year were stable year-on-year. The consolidation of Fertilizantes Tocantins in Brazil supported a 7% increase in sales of third-party products, including a near five-fold increase in sales of complex fertilizer products. Amounting to 1.70 million t, 1Q sales of mining products were 25% higher as robust iron ore pricing dynamics encouraged inventory reduction.
“Once again, our investments in raw material mining operations and distribution have proven to be a source of strength in an uncertain fertilizer market”, said EuroChem Group CEO, Dmitry Strezhnev. “We see EuroChem well-positioned to continue driving value and growth with a more encouraging backdrop emerging from next year as the market begins to rebalance.”
Read the article online at: https://www.worldfertilizer.com/nitrogen/17052017/eurochem-1q17-sales-of-us134-billion/