Norilsk Nickel said on Thursday that its 2021 core earnings had surged 37 per cent from a year earlier as metal prices soared and the company sold its remaining 2020 palladium stockpiles.
Earnings before interest, tax, depreciation and amortization (EBITDA) reached $10.5 billion in fiscal 2021, up from $7.7 billion the year before.
The company's performance was hurt last year when flooding halted production at two Arctic mines for several months. An accident at a processing plant last February also hampered production. The Oktyabrsky mine resumed full capacity in mid-May last year, but the Taimyrsky mine and the Norilsk concentrator only resumed production in December.
The company's 2021 capital spending rose 57 percent to a record $2.8 billion. Net profit was $6.97 billion, up 92 percent from 2020. Revenue rose 15 percent from a year earlier to $17.9 billion as palladium inventories were sold. These offset production losses from accidents in the first half of the year.
The company said the global palladium market will have a shortfall of 300,000 ounces in 2022, while the global nickel market has a surplus of 42,000 tons.
