As per its financial results according to international financial reporting standards (IFRS) for the first half of the current year, Russia-based steel pipe producer ChelPipe Group (ChTPZ) recorded a net profit of RUB 5.62 billion ($83.27 million), increasing by 168 percent compared to the same period of 2017.
The company's revenues rose by 31 percent year on year in the first six months of this year to RUB 94.94 billion ($1.4 billion).
In the first half of this year, the group's EBITDA rose by 48 percent year on year to RUB 16.23 billion ($240.55 million), due to the improvement in the operating result because of the growth in volumes and marginal revenue, and its EBITDA margin increased from the 15.2 percent recorded in the first half of 2017 to 17.1 percent.
In the reporting period, the company’s total pipe sales volume was 1.08 million mt, rising by 11 percent compared to the same period of last year, mainly due to the increased demand for large diameter pipes.