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Acron Group announces 1Q21 financial results

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World Fertilizer,

Acron Group has released its consolidated IFRS financial statements for 1Q21.

Revenue was up 24% to US$524 million from US$423 million.

EBITDA was up 93% to US$212 million from US$110 million. EBITDA margin was up to 40%, against 26% year-on-year.

Net profit was US$143 million.

Net debt was down 3% to US$1314 million from US$1348 million. The net debt/LTM EBITDA ratio was down to 2.2 from 2.8.

Output of key products was 2.035 million t, up 4% year-on-year. Sales of key products totalled 2.109 million t, up 6% year-on-year.

Alexander Popov, Chairman of Acron’s Board of Directors, commented: ‘Acron Group posted several all-time highs for 1Q21, with EBITDA almost doubling year-on-year to US$212 million and EBITDA margin reaching 40%. Net profit was US$143 million. This strong financial performance was driven by robust sales, higher global dollar prices for mineral fertilisers, and a weaker rouble.

‘In 1Q21, sales of Acron Group's key products were up 6% to a record 2.1 million tonnes, made possible by three investment projects that were completed in 2020. This year, we are continuing to carry out our investment programme, and the Urea 6+ project is at the final stage of construction. In 1Q21, the Group allocated US$44 million to capital expenditures.

‘The Group's debt burden in the reporting period decreased. In US dollar equivalent, net debt/EBITDA was down to 2.2 from 2.8 as of the end of 2020, and we expect it to decrease further in the coming quarters.

‘Although favourable market conditions and strong demand for our products have continued into the second quarter, we have cautious optimism about the current market environment and will focus on reducing our debt burden in the short run’.

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