Page 139 - bneIntelliNews monthly country report Russia May 2024

Telegram. President Volodymyr Zelensky posts there frequently and various military units and departments also have active channels.
Can the Russian authorities exert an influence on Telegram? On the one hand, Pavel Durov’s company is registered in Dubai and has no formal relationship with Russia. On the other, Russia remains the leading market for Telegram’s advertising platform. The company itself is still in debt and does not disclose its investors.
9.2.8 Telecoms corporate news
9.2.9 Tourism corporate news
9.2.10 Utilities & Renewables corporate news 9.2.11 Mines and Minerals - gold & diamonds
9.2.12 Mines and Minerals - steel & iron
De Beers cut its 2024 diamond production forecast to 26-29 million carats, down about 9.8% from its original 2024 plan. At the beginning of the year, the company forecast production at 29–32 million carats, but specified that it could revise the range downward depending on market conditions. The decision to reduce production was made due to higher than average levels of reserves on the market.
Severstal disclosed production indicators and financial results under IFRS for 1Q24. Steel production increased by 7% y/y to 2.9mn tonnes. Sales of steel products decreased by 11% y/y to 2.47mn tonnes due to the accumulation of slab stock for the period of repair of blast furnace No. 5, while the share of sales of products with high added value increased to 51% (+8 p.p. year /G). Revenue increased by 20% y/y to RUB 188.7bn. against the backdrop of an increase in average selling prices, EBITDA – by 25% y/y to RUB 65.3bn. Net profit amounted to 47.4bn rubles. (+13% y/y). Free cash flow increased by 33% y/y to RUB 33.2bn, mainly due to an increase in operating cash flow. Overall, the results were slightly above consensus expectations. The company’s board of directors also recommended paying dividends for 1Q24 in the amount of RUB 38.3 per share, which corresponds to 2% of the
139 RUSSIA Country Report May 2024
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