Russian potash producer Uralkali PJSC reported an 89% slump in net profit based on International Financial Reporting Standards (IFRS), to RUB11.7 billion (approximately $128 million at current exchange rates) for the 12 months ended Dec. 31, 2023, down from RUB105.3 billion the previous year, according to Interfax, citing a company financial report.
Sales revenue increased almost 10%, however, to RUB367.5 billion.
Uralkali cited a 1.5-fold increase in the cost of sales due partly to increased logistics costs and export duties. The company paid RUB6.74 billion in export duties last year, according to the report.
Uralkali’s total debt increased by 60% compared with year-end 2022, to RUB577.2 billion as of Dec. 31, 2023. It reported that its company accounts held RUB59.6 billion, of which RUB20.2 billion were blocked or restricted for use due to sanctions.
Uralkali said it paid RUB105 billion on preferred shares in 2023. It paid no dividends in 2022. Uralchem owned 78.03% of the authorized capital of Uralkali as of the end of 2021, according to the Interfax report.