LEGACY GROUP ANNOUNCES 2016 HALF-YEAR RESULTS
GROUP REPORTS HEALTHY PROFIT AND MARGINS AND STRONG VOLUME GROWTH IN IRON ORE
Dubai, 15th June 2016 - Legacy Group DMCC., ("Legacy"), a market leader in the global commodities industry, has today announced robust commercial and financial results for the first half of its financial year ended 15th June 2016, with healthy profit for the period, gross margin and record trading volumes.
Profit for the period was USD 11,3 million, an increase of 10 percent from the figure for the same period last year. Gross profit was USD 19.7 million, up 17 percent year-on-year.
Gross trading margin was 7.8 percent, signifying a continuation of Legacy’s recent run of strong profit performance. EBITDA, which the company sees as an accurate measure of operating performance since it strips out investment gains and impairments, was 11 per cent higher than the second half of 2015.
Group revenue in the first half was 11 percent higher than in the first half of 2015 as higher volume was more than offset by the effect of lower commodity prices.
Trading was especially strong in the Iron Ore and Chrome Ore division, where volume handled monthly topped 200,000 MT for the first time in Legacy’s history.
Jack Jin Wei, CEO of Legacy, commented: “This is another highly satisfactory result, showing a continuation of the strong performance delivered in 2015 even if we did not match the numbers achieved in the exceptional trading conditions in the first half of 2015. We developed significant new business in iron ore concentrate, copper and sulfur and improved profitability while maintaining volumes and market share in iron ore business.
“We were able to reduce capital expenditure as we partnered with some of the major mines. A new leadership has been installed and a number of improvements made to our corporate governance, giving us confidence that the company is set to continue to perform well over the months and years to come.”
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