EuroChem Group AG, Zug, Switzerland, reported a 191 percent rise in first-half net income to $612 million on sales of $3.05 billion, up from the year-ago $210 million and $2.67 billion, respectively.
The group cited a favorable pricing environment and an increase in sales volumes for the 14 percent year-on-year boost in sales.
Six-months EBITDA came in 21 percent higher, at $819 million, up from the corresponding 2018 period’s $677 million. EBITDA growth was driven primarily by sales and prices improvements, the positive effects of foreign exchange rates for rouble-denominated costs and control of costs, EuroChem said.
Fertilizer sales volumes increased by 9 percent to 7.76 million mt, up from 7.13 million mt a year-ago.
Potash sales rose to 389,000 mt in the first six months of the year, up by 253,000 mt from a year-ago. Just under two-thirds of potash sales went to Latin America.