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Polymetal FY Profit Declines, Revenue Up 1%

Polymetal International plc (POLY.L), on Wednesday, reported lower profit for the year 2021, reflecting the decrease in operating profit as a result of the higher costs.

The company reported full-year 2021 net income of $904 million or $1.91 basic per share compared to $1.066 billion or $2.25 basic share last year.

Underlying net earnings declined to $913 million or $1.93 per share from the previous year's $1.05 billion or $2.23 per share.

Net revenue for the year improved 1% to $2.89 billion from $2.87 billion generated a year ago.

Average realised gold and silver prices tracked market dynamics: gold price remained flat year-on-year while silver price was higher by 19%.

Vitaly Nesis, Group CEO, said, "We are reporting strong net earnings for the year amidst a variety of macroeconomic and pandemic-related challenges. Excellent financial results were supported by robust operating performance, successful launch and ramp-up of Nezhda, as well as advancement of our POX-2 project and Veduga investment decision. Crucially - for the second year in a row - we had no fatalities among Group employees. Polymetal also continues to generate significant free cash flows and pay substantial dividends..."

Further, the company reiterated its current production guidance of 1.7 Moz of GE for the fiscal year 2022.

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