Russian diamond mining company ALROSA reported that its profit under IFRS decreased by 15.2% in 2023 to 85.182 billion rubles ($928.5 million).
The group's revenue amounted to 322.567 billion rubles ($3.52 billion), an increase of 9.2% compared to the previous year. Profit before tax decreased by 14%, to 108.195 billion rubles. ALROSA's cash reserves amounted to 181.804 billion rubles at the end of 2023.
In value terms, the company’s diamond reserves at the end of 2023 amounted to 84.268 billion rubles compared to 52.459 billion rubles a year earlier.
In 2023, ALROSA paid a windfall tax of about 1.5 billion rubles.
“The group took advantage of the opportunity to reduce the tax amount by making a security deposit. In this regard, in these disclosed consolidated financial statements, the amount of such tax in the amount of 1,487 million rubles is reflected as part of income tax expenses,” the company’s financial report notes.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
