Fertilizer producer Acron’s net profit under IFRS fell by 59% in the first quarter

According to international financial reporting standards (IFRS), the net profit of the Acron group decreased by 59% in the first quarter compared to the same period in 2023, to 6.476 billion rubles, the fertilizer manufacturer reports.

Revenue decreased by 3%, to 51.355 billion rubles. EBITDA decreased by 47%, to 13.701 billion rubles.

Net debt for the first quarter increased to 65.59 billion rubles due to the repurchase of 30% of the shares of Verkhnekamsk Potash Company from partner banks. This transaction made it possible to increase the share in the Talitsky potash project to 80%, the group specified.

In the report, the group also indicated that in the second quarter of 2024 it bought out 10% of the shares of Verkhnekamsk Potash Company, as a result of which the non-controlling interest in this company decreased to 9.9%.

The net debt/EBITDA ratio during the reporting period increased from 0.37 to 1.16.

The volume of production of main products decreased by 4% compared to the first quarter of 2023, amounting to 2.107 million tons. Sales of core products increased by 1% to 2.261 million tons.

Acron Group is a vertically integrated producer of mineral fertilizers. It is one of the world’s largest manufacturers of such products. At the end of last year, production of main products amounted to 8.38 million tons, sales – 8.31 million tons.