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Alrosa sees 7% drop in net profit during the first 9 months of 2023

Alrosa has reported a 7 per cent drop in net profit during the first nine months of 2023, down to $975m (RUB 87.9bn).

Russia's state-controlled miner said Q3 revenue was $871m (RUB78.5bn), down 7 per cent on the Q2 revenue of $936m (RUB 92.51bn) previously reported. But it was up 55 per cent on revenue for Q3 2022.

Alrosa halted rough sales during September and October in a move designed to "reverse the existing trend of diminishing demand". The first month of that ban is captured in its Q3 financial indicators, as reported by Russia's Interfax news agency.

The company was selling $4bn of rough diamonds annually before its invasion of Ukraine in February 2022. Limited Western sanctions appear to have had no impact, although new G7 restrictions are to be introduced from 1 January 2024.

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