MOSCOW, February 29. /TASS/. Net profit of Russia’s largest producer of pipes TMK (Pipe Metallurgical Company) under International Financial Reporting Standards (IFRS) fell by 6% in 2023 to 39.38 bln rubles ($432 mln) from 41.93 bln rubles ($460 mln at the current exchange rate) in the previous year, the company reported.

Adjusted EBITDA was almost flat last year compared with 2022 at 130.1 bln rubles ($1.4 bln). Revenue decreased by 13% in annual terms to 544.27 bln rubles ($5.9 bln).

Adjusted EBITDA margin amounted to 23.9%, up by 3.2 p.p. Total debt equaled 316 bln rubles ($3.4 bln) as of December 31, 2023, while net debt was 246 bln rubles ($2.7 bln). Net debt/EBITDA ratio stood at 1.9x.