World’s biggest uranium producer Kazatomprom sees net profit surge 112% in 2018

World’s biggest uranium producer Kazatomprom sees net profit surge 112% in 2018
Kazatomprom's economics and finance director Meirzhan Yusupov. / http://www.kazatomprom.kz
By bne IntelliNews March 11, 2019

The world’s biggest uranium producer Kazatomprom last week said its adjusted net profit surged by 112% y/y in 2018. The company added that it expected further revenue growth this year.

The jump in net profit was thanks to rising prices and high sales, which grew 65% y/y in 2018. The company’s performance last year overlapped with its initial public offering—it sold a 15% stake in a dual listing on the London Stock Exchange (LSE) and the new Astana International Exchange (AIX) that valued the company at $3bn.

Kazatomprom’s net income adjusted for one-off transactions stood at KZT66.8bn (€157.2mn), the statement said.

The company expected consolidated revenue of KZT485bn-KZT505bn in 2019 thanks to higher prices offsetting lower physical sales.

Kazatomprom plans to sell 13,500-14,500 tonnes of uranium this year, compared to 15,287 tonnes in 2018.

The Kazakh uranium miner’s revenue rose 58% to KZT436.6bn, it said.

The company has said it will to stick to previously announced plans to make dividend payments of no less than $200mn for 2018 and 2019.

Kazatomprom’s output accounts for 20% of the world’s uranium production.

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