Alrosa Reports a 50% Revenue Hike for 2021
March 02, 22
(IDEX Online) - Alrosa today announced a 50 per cent hike in its full-year revenue for 2021 - as sanctions and banking restrictions cast a shadow over its future performance.
Uncertainty reigns following Russia's invasion of Ukraine a week ago, with an expectation that tougher sanctions may be imposed.
The miner, which is two-thirds owned by the Russian government and the republic of Yakutia, sold 30.4m cts of gem quality rough in the year, as global demand outstripped demand.
That's up 28 per cent on 23.8m cts in 2020. Low stocks forced it to buy 1.4m cts of rough from state-run Gokhran.
Revenue for the year was RUB 332bn ($3.04bn) on the back of a 42 per cent increase in total rough diamond sales (including 15.2m carats of industrial diamonds) and the gem diamonds price index gaining 13 per cent.
Net profit for the year was RUB 91.3bn ($840m), up almost three times on 2020. The performance was "mainly supported by conducive external environment".
Alrosa said preliminary estimates of global diamond production in the coming years would remain at 110-120m cts. It was 115m cts in 2021.
Pic courtesy Alrosa