The company in a report on its 4Q and 12M 2021 financial results in accordance with International Financial Reporting Standards, said that Q4 revenue was RUB 71bn, -8% qoq due to a change in the sales mix, which was partly offset by higher price index (+6% qoq) and a rise in sales volumes (+3% qoq). In 12M, revenue grew by 50% to RUB 332 bn on the back of a 42% increase in total rough diamond sales and the gem diamonds price index gaining 13%.
Q4 EBITDA was RUB 26 bn, down 25% qoq (-19% yoy) mainly due to lower revenue per carat ($124/ct, down $12/ct qoq). 12M EBITDA rose by 59% to RUB 139 bn supported by higher sales and prices.
EBITDA margin stood at 37% in Q4, and 42% in 12M.
The company's Q4 net profit amounted to RUB 12 bn, down 51% qoq primarily due to lower profitability. In 12М, net profit went up 2.8x to RUB 91 bn (12M 2020: RUB 32 bn).
ALROSA's forecast for diamond production in 2022 is 34.3 million carats.
Alexey Filippovsky, ALROSA’s CFO noted in this regard that the company's performance in 2021 was mainly supported by conducive external environment. According to him, ALROSA’s 12M sales saw a 1.4x increase up to record-high 45.5 m ct, including 1.4 m ct purchased at Gokhran's auctions in 2021. “In 2022, the Company intends to go on with its operational efficiency strategy, which will enable ALROSA to partially offset inflationary pricing pressure from key input materials and growth in run of mine volumes,” he said.
Vladimir Malakhov, Rough&Polished
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