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MMK Group posts 2.5% decrease in 1H net profit under IFRS

Revenue grew by 18.5% to 417.83 bln rubles ($4.8 bln) reflecting the influence of growth of costs and inflation factors on sale prices

MOSCOW, July 25. /TASS/. Net profit of MMK Group under International Financial Reporting Standards (IFRS) decreased by 2.5% in the first half of 2024 year-on-year to 50.3 bln rubles ($577 mln) mainly due to difference in exchange, the company reported.

Revenue grew by 18.5% to 417.83 bln rubles ($4.8 bln) reflecting the influence of growth of costs and inflation factors on sale prices.

EBITDA rose by 5.3% to 92.7 bln rubles ($1 bln). EBITDA margin amounted to 22.2%.

Free cash flow surged 3.1-fold to 27.87 bln rubles ($323 mln) as a result of EBITDA growth and normalization of circulating capital.

The company’s net debt fell to 83.8 bln rubles ($969 mln) in the reporting period. Net debt/EBITDA amounted to 0,42x against 0,6х in 1H 2023.

Q2 revenue grew up by 16.5% in annual terms to 224.88 bln rubles ($2.6 bln) as a result of an increase in sales of premium products amid positive dynamics of demand for metal products on the domestic market. EBITDA gained 20% to 50.56 bln rubles ($581 mln). Net profit was up by 12% quarter-on-quarter to 26.56 bln rubles ($304 mln).

MMK expects demand for metal products to stabilize close to 1H 2024 monthly average in Q3.

MMK is one of the largest global steel producers. Its operations in Russia include a steel producing complex encompassing the entire production chain, from preparation of iron ore to downstream processing of rolled steel.

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