Swedish iron ore producer LKAB has issued its financial results for the fourth quarter and the full year of 2022.
In the fourth quarter, the company registered a net profit of SEK 2.94 billion ($279.55 million), compared to a net profit of SEK 3.16 billion in the fourth quarter of 2021. Sales revenues in the given quarter increased by 9.7 percent year on year to SEK 9.95 billion ($945.37 million), due to the higher dollar exchange rate offset by lower prices for highly upgraded iron ore products and lower delivery volumes, while the company recorded an operating profit of SEK 2.67 billion ($253.99 million) compared to an operating profit of SEK 2.81 billion in the corresponding quarter of the previous year.
In the fourth quarter last year, the company’s iron ore output amounted to 6.3 million mt, decreasing by 5.9 percent year on year, while its iron ore shipments fell by 5.8 percent year on year to 6.4 million mt. The company stated that the fourth quarter production was impacted by ongoing production disruptions at the pelletizing plants in Kiruna.
Meanwhile, in 2022, the net profit of the company was SEK 15.08 billion ($1.5 billion), falling from the net profit of SEK 28.38 billion recorded in 2021. Sales revenues in the given period fell by 4.6 percent year on year to SEK 46.54 billion ($4.42 billion), while the company registered an operating profit of SEK 20.79 billion ($1.97 billion), compared to the operating profit of SEK 26.89 billion in the previous year.
In the full year, the iron ore output of LKAB amounted to 25 million mt, falling by 6.3 percent year on year. In the same period, the company's iron ore shipments fell by 4.4 percent year on year to 25.8 million mt.
