Swedish iron ore producer LKAB has issued its financial results for the fourth quarter and the full year of 2023.
In the given quarter, the company registered a net profit of SEK 3.63 billion ($343.46 million), compared to a net profit of SEK 2.64 billion in the fourth quarter of 2022. Sales revenues in the given quarter increased by 8.5 percent year on year to SEK 10.80 billion ($1.02 billion), mainly due to higher iron ore prices and delivery volumes, while the company recorded an operating profit of SEK 3.80 billion ($359.43 million), compared to an operating profit of SEK 2.67 billion in the corresponding quarter of 2022.
In the fourth quarter, the company’s iron ore output amounted to 7 million mt, rising by 11.0 percent year on year, while its iron ore shipments grew by 1.6 percent year on year to 6.5 million mt. The company stated that the fourth quarter shipments were impacted by a major derailment that took place between Kiruna and Narvik.
Meanwhile, in 2023, the net profit of the company was SEK 15.22 billion ($1.44 billion), rising from the net profit of SEK 15.08 billion recorded in 2022. Sales revenues in the given period fell by 7.8 percent year on year to SEK 42.92 billion ($4.06 billion), while the company registered an operating profit of SEK 16.23 billion ($1.53 billion), compared to the operating profit of SEK 20.80 billion in the previous year.
In the full year, the iron ore output of LKAB amounted to 26.2 million mt, moving up by 4.8 percent year on year. In the same period, the company's iron ore shipments fell by 1.9 percent year on year to 25.3 million mt.