MOSCOW, August 28. /TASS/. Russia’s largest pipe manufacturer TMK increased its adjusted EBITDA in the first half of 2023 under the International Financial Reporting Standards (IFRS) by 50.4% year-on-year to 79.2 bln rubles ($831.37 mln), the company said on Monday.

The company’s net profit in the reporting period was 28.3 bln rubles ($297.07 mln). The adjusted EBITDA margin was 28.4%, up from 17.5% the previous year. The company's revenue fell to 278.9 bln rubles ($2.93 bln) in January-June, down from 300.8 bln rubles ($3.15 bln) the previous year. As of June 30, 2023, the company’s total debt was 300.5 bln rubles ($3.15 bln). As of 30 June 2023, the net debt to adjusted EBITDA ratio was 1.61x.

At the same time, sales of pipe products in the first six months of 2023 totaled 2.111 million tons, of which 1.724 mln metric tons were seamless pipes and 386,000 metric tons were welded pipes.

TMK is Russia's largest pipe manufacturer and one of the top three pipe manufacturers in the world.