Alrosa reports 43% QoQ rise in Q1 2018 sales
Diamond miner Alrosa has today announced its IFRS financial results for Q1 2018. In Q1 2018, the miner’s rough diamond sales grew by 43 per cent qoq to 13.4 million carats amid a production decrease of 26 per cent qoq. The growth was due to sales of around 6 million carats from company’s stocks.
The miner reported that in Q1 2018 its revenue rose by 58 per cent qoq to RUB 96 billion, driven by an improved product mix and higher average selling prices.
Q1 2018 EBITDA grew by 78 per cent qoq to RUB 48 billion mainly driven by an upward trend in revenue and cost control initiatives.
Alrosa’s Q1 2018 net profit amounted to RUB 33.2 billion, up 2 times qoq.
Free cash flow rose 3.5 times qoq, reaching RUB 41.1 bn in Q1 2018. Alrosa’s net debt for the quarter fell 4.6 times to RUB 18.6 billion on the back of stronger free cash flow and proceeds from the sale of its gas assets.
“Alrosa’s excellent financial performance in Q1 2018 is largely due to improved market conditions, which we were able to fully benefit from and stringent cost control,” said Sergey Ivanov, CEO and chairman of the executive committee at Alrosa.