Acron showed sharp rise in profits
Acron Group has summed up its financial results for the first half of 2019. According to the press release, the revenue increased by 22% to 60.472 billion rubles (more than $926 million), net profit grew five times to 17.196 billion rubles (around $263 million).
At the same time the Acron’s net debt decreased by 3% to 71.896 billion rubles (approximately $1.140 billion).
“In the first half of the year we continued implementing investment projects as part of the Development Strategy. We allocated $127 million for capital investments during this period, which is 22% more than in the first half of 2018. This year we launched two nitric acid units at the site in Veliky Novgorod, and we started the construction of the third one, the launch of which is planned before the end of the year. We are also planning to complete the construction of the urea granulation unit, which will allow us to get a premium product,” Alexander Popov, Chairman of Acron’s Board of Directors commented on the results. “The modernization of the ammonia unit at the site in Dorogobuzh will be completed this year, with an increase in its capacity. We are continuing to develop the underground mine at GOK Oleniy Ruchey, which in the long run will allow to increase production.”