Revenues for the fourth quarter came in at record high NOK 620.2 million, up from NOK 382.8 million in the fourth quarter of 2022. The increase is driven by higher realised prices, increased sales volumes, as well as currency effects from a weakened Norwegian krone.
Together with a total cash cost of NOK 243.2 million, this resulted in an increased operating profit (EBITDA), which ended at NOK 350.5 million. The adjusted net profit amounted to NOK 226.1 million, up from NOK 158.1 million in the fourth quarter of 2022.
For the financial year net profit came inn at NOK 490 million and adjusted net profit came in at NOK 655 million. For Rana Gruber 2023 therefor stands out as one of the best financial results in the company’s nearly 60-year history.
“The fourth quarter is a solid end to a remarkable year for Rana Gruber. Production reached record high volumes in 2023 and we have at the same time achieved a steady increase in quality on our main product, Hematite. We expect the strong production and quality trend to continue,” says Gunnar Moe, CEO of Rana Gruber.
Rana Gruber has recently completed the analysis of the exploration drilling which was performed in the Ørtfjell area during the summer of 2023. The results were successful and enables a one year extension of the open pit activities in the Ørtfjell area. This extension will give Rana Gruber additional time to develop more cost-efficient production strategy for the Steinsundtjern deposit.
The production volumes in the quarter were as announced in the production update in January, 453 thousand metric tons. This represents a slight decrease from 461 thousand metric tons produced in the same quarter in 2022, due to a longer planned maintenance stop than the year before. This stop was a crucial part of the strategic project to increase the magnetite production going forward.
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Please find enclosed the report and the presentation for the fourth quarter of 2023.
The financial results will be presented by CEO Gunnar Moe and CFO Erlend Høyen, 15 February at 08.00 a.m. CET.
The presentation and a following Q&A session will be made available as a webcast which can be reached through the following link:
A recording of the presentation and Q&A session will be available on https://ranagruber.no/investors/
For more information, please contact:
CEO, Gunnar Moe
+47 941 47 650
CFO, Erlend Høyen
+47 902 02 741
Erlend.hoyen@ranagruber.no