Acron lost over 86% of its net profit
Acron Group announced its 2020 financial results. According to the company’s press-release, the revenue of Acron Group increased by 4% to $1.661 billion and net debt by 11% to $1.348 billion. However, the net profit of the company dropped by 86.2% to $383 million.
Sales of main products of Acron Group last year expanded by 3% to 7.807 million tons.
“In 2020, Acron Group’s sales continued to grow and reached 7.8 million tons. Due to the weak dynamics of prices for the carbamide-ammoniac compound, Acron Group changed the structure of the production in favor of more marginal products such as granular carbamide and ammonium nitrate,” said Alexander Popov, Chairman of the Board of Directors of Acron Group. “The financial results of Acron Group showed quarterly improvement in 2020, driven by increased sales, depreciation of the ruble and price recovery.”