ALROSA, the world's largest diamond producer by volume, expects its net profit to surge threefold by 2023 to RUB 121 billion against RUB 37 billion targeted for 2015, according to TASS citing the talk of Ilya Ryaschin, First Vice President of ALROSA, at a round table event held at the Moscow State University.
"The company’s net profit will increase, based on its financial model, to 121 billion rubles by 2023 from 37 billion rubles in 2015," he said.
Ryaschin added that ALROSA planned to boost its EBITDA margin to 53% in 2023 from 45% in 2015. Meanwhile, the diamond miner’s return on equity during this period is estimated at about 20%.
Earlier, ALROSA reported that its net profit under the Russian Accounting Standards (which ignore the financial results posted by ALROSA’s subsidiaries) increased by 3% to RUB 24.17 billion in the first nine months of 2014. ALROSA posted RUB 23 billion in net profit in the first half of 2014 under the International Financial Reporting Standards.
ALROSA is engaged in the exploration, production and sale of rough diamonds. The company is mining diamonds in the Republic of Sakha (Yakutia) and Arkhangelsk Region. The company is the world's largest diamond producer by volume. ALROSA’s output reached 36.9 million carats in 2013 and the company expects to produce 36 million carats in 2014.
Starting from 2019, ALROSA plans to reach an average level of production of about 41 million carats per year.
The company’s capex is planned to reach RUB 256 billion in 2013-2021.
The largest shareholders of ALROSA are the Russian Federation (44%) and the Republic of Sakha (Yakutia) (25%), while its free float is estimated at 23%.
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