Opening Ukraine’s seaports has helped iron ore company Ferrexpo increase its net profit by 100%.

Iron ore company Ferrexpo, with assets in Ukraine, increased its January-June net profit by almost 100% compared to the same period last year – up to $55.49M; total sales increased by 85%, up to 3.8 million tons.

“Thanks to the restoration of access to Ukrainian seaports, we quickly restored suspended production facilities and achieved the best results since the beginning of the full-scale invasion. By the end of the year, we will focus on optimizing the current production level and hope to improve the domestic electricity supply,” the company commented.

Ferrexpo’s revenue for six months was $549M (+64%). Due to the import of electricity, production costs increased by $11/ton in June compared to May. This indicator will increase until the end of the summer when Ukraine’s nuclear power plant returns to operation after repairs.