Norilsk Nickel’s IAS report – dividends, CAPEX, palladium deficit

Norilsk Nickel on the results of H1 increased its profit by 1/3 to $1.527 bln, it promises high interim dividends to the shareholders, reduces its annual CAPEX due to the fall of the rouble/dollar exchange rate by 15% and expects a palladium deficit in the volume of 93.3 tons on the results of the year.

In H1 Norilsk Nickel’s EBITDA rose 8.6% to $2.496 bln. The EBITDA profitability rose to 44% from 40% due to the favorable dynamics in the currency market and the cutting of expenditure at the Russian enterprises.

The revenue is almost unchanged - $5.708 bln (+0.4%) due to the nickel market recovery and high palladium prices which as a result smoothed out the weak dynamics in the copper and platinum markets. The gross profit made up $2.724 bln (+10.1%).

DIVIDENDS