Kazatomprom reports 3.6% rise in 2020 net income

(Image: Kazatomprom)

Kazatomprom, the world’s biggest uranium miner, said on Tuesday its 2020 net income rose to 221.4 billion tenge ($528.62 million) from 213.7 billion tenge in 2019 on the back of stronger uranium prices.

The Kazakhstan-based company said in a statement that it expected to further boost consolidated revenue this year to 620 billion-640 billion tenge from 587.5 billion tenge last year.

Operating profit in 2020 was 223.9 billion tenge, an increase of 47% compared to 2019, which was mainly due to an increase in average realized prices.

Adjusted EBITDA totaled 325.7 billion tenge in 2020, an increase of 31% compared to 2019.

The company reported production of 19,477t of U3O8 in 2020, down 15% compared to 22,808 in 2019.

Kazatomprom said it would continue to under-produce this year relative to the amounts allowed by its contracts, a policy aimed at managing global supply and demand balance.

($1 = 418.8300 tenge)

(With files from Reuters)

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