Yatec says EBITDA rises 26% to 2.4 bln rbl in Jan–Jun

MOSCOW, Jul 27 (PRIME) -- Earnings before interest, taxes, depreciation and amortization (EBITDA) of Russia’s Yakutsk Fuel and Energy Company (Yatec), part of A-Property company of businessman Albert Avdolyan, increased by 26% on the year to 2.45 billion rubles in January–June, the company said in a statement on Tuesday without specifying the accounting standards.

“The key figures of the first half of the year include an increase of revenue by 23% to 4.4 billion rubles, of EBITDA by 26% to 2.4 billion rubles, with the EBITDA margin reaching a record of 55.3%. Yatec’s capitalization exceeded 80 billion rubles, which is an 82% increase compared with the company’s valuation at the beginning of the year,” the statement read.

All the budget figures for the period overshoot the plan and hit a record for the past five years. The company also managed to finish several projects that should expand its resource base and production. In 2021, the company plans its capital expenditures at 7.5 billion rubles, which will be spent on geological exploration and major construction works.

“As of the end of the second quarter of 2022, the resource base will be expanded by 185 billion cubic meters of natural gas to 576 billion cubic meters. The program of geological exploration works is being implemented at the majority of the license sites … Combined reserves of the company will be expanded to 1 trillion cubic meters of gas until 2025,” Yatec said.

(74.0980 rubles – U.S. $1)

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