TMK’s net profit in the first half of the year grew by 39% to 28.3 billion rubles
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Pipe Metallurgical Company (TMK) published
IFRS activity report for the first half of 2023. The company’s net profit for January-June 2023 increased by 39% compared to the same period last year and amounted to 28.3 billion rubles. At the same time, the company’s revenue decreased by 7.3% to 278.9 billion rubles.
The company explained the decrease in revenue in the reporting period by separating part of the assets of VTZ JSC (Volzhsky Pipe Plant) and ChTPZ JSC (Chelyabinsk Pipe Rolling Plant) for the production of large-diameter pipes “in the form of reorganization with simultaneous merger with TMK Pipeline Solutions LLC” (TMK TR).
Other results of the company:
- The volume of sales of pipe products in the half year amounted to 2.1 million tons, of which the volume of sales of seamless pipes amounted to 1.7 million tons, and welded pipes – 386 thousand tons;
- Adjusted EBITDA amounted to RUB 79.2 billion, with an adjusted EBITDA margin of 28.4%;
- Total debt as of June 30, 2023 amounted to RUB 300.5 billion. Net debt amounted to RUB 252.5 billion;
- Net debt to Adjusted EBITDA (LTM) as at 30 June 2023 was 1.61x.
According to Metals & Mining Intelligence, due to the reduction of the Gazprom repair program, shipments of large-diameter pipes from January to July 2023 decreased by 24%. At the same time, due to the increase in exports, pipe companies maintain loading at the level of last year.
More details – in the material “Kommersant” “The pipes rolled”.
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