Page 152 - RusRPTApr24

Russia’s coal exports fell by 3.9% last year to 212.5mn tonnes.
Russian state nuclear power corporation Rosatom has plans to complete construction on a rare earth metals plant by the end of 2026 and produce the first batch in early 2027, Ruslan Dilmukhamedov, president of the Association of Rare and Rare Earth Metals Producers and Consumers and CEO of the Solikamsk Magnesium Plant, told TASS on March 29. The required amount of investment stands at 7bn rubles ($75.9mn). "If these funds are allocated in time, then we plan to complete the plant construction by late 2026 and make the first products in early 2027," the CEO noted. The design provides for annual production of 2,500 metric tonnes of rare earth products, including oxides of lanthanum, cerium, neodymium and praseodymium, and the group concentrate of rare earth metals.
9.2.15 Transport corporate news
Russian shipping giant Sovcomflot published its 2023 IFRS results on March 19. Revenue on a time charter equivalent (TCE) basis increased by 42.2% y/y, to $2.04bn, and EBITDA increased by 51.9% y/y, to $1.57bn. increase in freight rates on the Russian tanker transportation market. In 4Q23, despite an increase in average global freight rates q/q, the company showed a decrease in revenue based on TCE by 1.3% q/q, to $479.4mn. This result is likely due to the high contractualization of the fleet, which reduces sensitivity revenue to changes in rates and operating restrictions due to sanctions. The company's EBITDA in 4Q23 decreased by 11.4% q/q to $332.5mn, reflecting lower revenues and an increase in operating costs by 16.2% q/q to $109.6mn. The company's net profit for 2023 increased 2.4 times y/y, to RUB 943.2mn, and adjusted net profit - 4.1 times y/y, to RUB 83.53bn. Provided that 50% of adjusted net profit under IFRS for 2023 is paid in dividends, the final dividend per share for 2023 could be RUB 11.27. (total dividend for 2023 – 17.59 rubles/share). Given the sanctions imposed on a number of the company's tankers in early 2024, 1Q24 results may come under pressure.
9.2.16 Other sector corporate news
Segezha Group, a prominent player in the forestry industry, disclosed its operational metrics and financial outcomes for the year 2023, adhering to the International Financial Reporting Standards (IFRS) on Friday, March 22. The company experienced a downturn in its sales volumes, with lumber sales decreasing by 6% year-on-year to 2.1 million cubic meters and paper packaging sales dropping by 43% to 805 million units. However, sales of sack paper saw a 33% increase, reaching 236,000 tonnes.
The pricing environment in 2023 was notably unfavorable, with lumber prices declining by 26% year-on-year to €151 per cubic meter, and sack paper and
152 RUSSIA Country Report April 2024 www.intellinews.com