Polyus Profits Go Through The Roof, Driven by Higher Gold Prices

SEATTLE (Scrap Monster): Polyus PJSC- the largest gold producer in Russia announced consolidated financial results for the second quarter of 2020. The profits were driven by higher gold prices.

The total gold sales volume amounted to 672,000 ounces, higher by 24% when compared with the initial quarter of 2020. The revenue for the second quarter surged higher by a third to total $1,157 million, mainly driven by higher volumes of refined gold output. The adjusted EBITDA was up by 46% at $860 million. The adjusted net profit in Q2 2020 remained flat at $485 million. The net profit rose by 63% year-on-year to $684 million, primarily on account of 31% surge in gold prices.

Furthermore, the company stated that it remains on track to achieve production of 2.8 million troy ounces of gold in 2020.

Commenting on the results, Pavel Grachev, CEO, Polyus said that the company was able to deliver solid financial results during the quarter mainly due to its strong operational performance and ongoing favourable gold price situation. The company was able to maintain uninterrupted operations at all of its assets during the quarter, despite outbreak of Covid-19 pandemic at its Olimpiada mine.

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