Higher operating profit carried second quarter earnings before interest, taxes, depreciation and amortisation (EBITDA) 15% higher year-on-year to US$241 million, compared to US$210 million during the same period last year. First half EBITDA amounted to US$590 million, 4% behind the US$613 million achieved a year ago.
2Q17 fertilizer sales volumes of 3.13 million t brought 1H17 volumes to 6.78 million t, compared to 6.73 million t in 1H16, as EuroChem shifted its production mix towards complex, AN and MAP products in light of the more competitive urea and UAN trading landscape. The group’s expanding distribution capabilities supported third-party fertilizer product sales of 1.84 million t, compared to 1.82 million t in 1H16.
Sales volumes for mining products for the three months ending on 30 June 2017 were lower year-on-year and amounted to 1.15 million t. Nevertheless, first half volumes of 2.84 million t were 2% above last year’s level.
“The market turbulence of the past year is giving way to a less volatile, albeit subdued, trading environment. Amidst this low point in our industry’s cycle, we remain resolute in our ambition to grow faster than the market and continue to execute on our potash strategy and further expand our distribution capabilities”, said EuroChem Group CEO Dmitry Strezhnev.
