Russian diamond mining giant ALROSA's 2016 revenue increased by 41% y-o-y and totaled $5.45 billion (RUB 317.1bn), the company announced in a press release. Its EBITDA grew by 49% y-o-y to $3.03 billion (RUB 176.4bn), with EBITDA margin totaled 56%. Net income surged fourfold y-o-y to $2.29 billion (RUB 133.5bn). Free cash flow increased threefold to $1.91 billion (RUB 111.4bn). ALROSA is off to a solid start in 2017, as their rough diamond sales in February 2017 amounted to US$389.8 million, an 8.8% increase over the $358.2 million sold in January. This brought their rough sales for the first two months of 2017 to nearly $750 million, a slight drop from the estimated $780-800 million sold during the first two months of 2016.
"2016 was a year of active recovery in the diamond market following the decline of 2015", said Igor Kulichik, ALROSA's Vice President - Chief Financial Officer. "The Company managed to deliver record-high financial performance and generate net cash flow sufficient to repay short-term and medium-term liabilities and pay out dividends to shareholders."