Ferrexpo PLC (LSE:FXPO) shares shot up 11% to 61.6p after the Ukriane-based iron ore pellet producer and exporter published its interim results for the six months ending 30 June.
Total commercial production for the first six months of 2024 increased by 75% to 3.7 million tonnes, comprising 3.3 million tonnes of pellets and 0.4 million tonnes of commercial concentrate.
Total sales increased by 85% to 3.8 million tonnes, of which 1.80 million tonnes were exported through Ukrainian Black Sea ports.
Profit after tax more than doubled to US$55 million (£42.8 million).
Ferrexpo's operating base is in central Ukraine, where it operates three mines.
“From a corporate perspective, we are adapting to the complexities of a prolonged war,” said executive chair Lucio Genovese.
“We have learnt how to operate a large-scale business more nimbly, embedding flexibility into our operations and working practices. This means that we are able to adapt to the constant challenges that confront us.
“With access to Ukrainian Black Sea ports returning during the period, we were able to respond quickly, bringing idled production capacity back online and exporting to our customers via seaborne routes, thereby achieving our best production result since the start of Russia's full-scale invasion.”