Moscow — Uralkali reported a 64 percent increase in net profit for 2011, to US$1.53 billion on revenues of $4.2 billion on a pro forma basis, combining the full-year results of Uralkali and Silvinit. 2010 profits were $929 million for Uralkali and Silvinit on revenues of $2.98 billion. Adjusted EBITDA moved up to $2.46 billion from 2010’s $1.4 billion. Total 2011 sales were 10.65 million mt (8.78 million mt export, 1.87 million mt domestic), versus 2010’s 10.01 million mt (8.31 million mt export, 1.70 million mt domestic). Average potash prices for the year 2011 were $351/mt FCA for export and $203/mt domestic, compared to 2010’s $255/mt FCA export and $150/mt domestic, respectively. Production was 10.83 million mt, up from 2010’s 10.18 million mt. Like other potash producers, Uralkali saw a lull in sales in the fourth quarter 2011, which it said has continued into first quarter 2012. As a result, it says 2012 demand may be below that of 2011. First-quarter 2012 production was 1.9 million mt, compared to 2.6 million mt for the year-ago quarter.
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