According to Ukrianian news, in the fiscal year 2023, Ferrexpo plc, a UK-based mining company with assets in Ukraine, incurred a net loss of $85 million, in contrast to the $220 million profit it recorded in the previous year.
The significant loss was primarily due to provisions of $131 million established for ongoing legal disputes and proceedings in Ukraine. Excluding these provisions, the company would have recorded a profit of $46 million for the fiscal year 2023.
Ferrexpo's revenues declined by 48% to $652 million in 2023, mainly due to restricted access to export routes. Sales volumes also decreased by 32% to 4.2 million tonnes.
The company's underlying EBITDA experienced a substantial 83% decrease to $130 million, primarily due to reduced operational performance as a consequence of the ongoing conflict and lower operating foreign exchange gains compared to 2022.
Capital investment by Ferrexpo was also reduced by 31% to $101 million in 2023.
The majority shareholder of the Ferrexpo group is businessman Kostiantyn Zhevaho. In March 2023, a court imposed restrictions on the alienation of 49.5% of the shares of Ferrexpo's Ukrainian subsidiaries.
