Today, Acron Group (Moscow Exchange: AKRN) is releasing its consolidated IFRS financial statements for Q1 2025.
Key Financials
- Revenue was RUB 66,908 million, up 30% year-on-year (Q1 2024: RUB 51,355 million). In US dollar equivalent, revenue increased by 27% to USD 717 million from USD 566 million a year ago.
- EBITDA* was up 92% to RUB 26,340 million (Q1 2024: RUB 13,701 million). In US dollar terms, EBITDA increased by 87% to USD 282 million from USD 151 million.
- EBITDA margin was up to 39% against 27% in Q1 2024.
- Net profit increased 2.2 times to RUB 14,495 million (Q1 2024: RUB 6,476 million). In US dollar equivalent, net profit increased 2.2 times to USD 155 million from USD 71 million.
- In Q1 2025, net debt was down 5% to RUB 98,605 million against RUB 103,338 million at the end of 2024. In US dollar terms, net debt was up 16% to USD 1,178 million from 1,016 million.
- Net debt/EBITDA for the period decreased to 1.34 from 1.70. In US dollar terms, it decreased to 1.50 from 1.55.
Operating Results
- Output of the main products was 2.338 million tonnes, up 11% year-on-year (Q1 2024: 2.105 million tonnes).
- Sales of the main products totalled 2.513 million tonnes, up 11% year-on-year (Q1 2024: 2.261 million tonnes).
Alexander Popov, Chairman of Acron’s Board of Directors, commented on the results:
‘During the reporting period, both our revenue and profit showed strong growth, driven by increased output and sales, as well as favourable international market environment. In Q1 2025, the sales of our main products surpassed 2.5 million tonnes for the first time in the Group’s history.
We allocate a large proportion of our profit to the investment projects. The main focus was on developing the Talitsky potash project, which received half of the Group’s capex for the reporting period. VPC put the second heading-and-winning machine into operation and started tunnelling at the Talitsky mine. Construction of the mine facilities is underway, with the start of potash production scheduled for the second half of 2026.
In the chemical segment, we completed the overhaul of the Ammonia-3 unit in Veliky Novgorod. As a result, total annual capacity increased by 200,000 tonnes. This year, we plan to carry out similar upgrades to Ammonia-2 unit and finish the construction of the second 135-ktpa calcium nitrate unit’.