Russia's Uralchem Jan-Sept net profit skyrockets 2,392% to $289 mln

Russian fertilizer maker Uralchem saw its January-September 2011 net profit skyrocket 2,392 percent, year-on-year, to $289 million to IFRS, the company said in a statement on Thursday. The company's revenue rose 59 percent in the first nine months of 2011 to $1.556 billion, while its gross profit jumped 103 percent to $899 million year-on-year. "Preliminary data suggest that 2011 will be a very successful year for our company. Both stable demand for fertilizers in Russia and abroad and favorable price conditions have allowed us to increase sales and show strong financial results in the first nine months of 2011," Uralchem CEO Dmitry Konyayev was quoted in the statement as saying. Adjusted Earnings before Interest, Taxation, Depreciation, Amortization (EBITDA) soared 173 percent to $560 million, while the adjusted EBITDA margin grew to 36 percent from 21 percent. Uralchem's net debt amounted to $1.129 billion as of September 30, 2011, while the company's net debt/EBITDA ratio stood at 1.7. The fertilizer maker plans to reduce its net debt to $1 billion by the end of 2011, which will lead to a net debt/EBITDA ratio decrease to 1.5.