Metalloinvest’s revenues up 19.3% in Q1 amid higher sales prices

Monday, 18 June 2018 10:54:06 (GMT+3)   |   Istanbul
       

Russia-based leading global iron ore and hot briquetted iron (HBI) producer Metalloinvest has announced its financial results for the first quarter of the current year. In the first quarter, Metalloinvest registered a net profit of $416 million compared to a net profit of $391 million in the first quarter of the previous year, while its revenue increased by 19.3 percent year on year to $1.81 billion, mainly as a result of the increase in average prices of pig iron and steel products as a result of growth in global prices, as well as the rise in prices for HBI due to the increase in export scrap prices.

Meanwhile, in the first quarter, Metalloinvest's EBITDA rose to $675 million rising by 28.1 percent year on year, while its EBITDA margin went up by 2.5 percentage points year on year to 37.2 percent. The company’s steel segment had the most significant impact on the growth of consolidated EBITDA in the given quarter.

Andrey Varichev, Metalloinvest's CEO, stated that in the first quarter the company further strengthened its financial position, due to an increase in its high value-added product sales and, consequently, the proportion of total shipments of these products in its sales structure, which was also supported by favorable market conditions and the implementation of the company's operational efficiency program. Mr. Varichev added that Metalloinvest's EBITDA margin has reached its highest level in the last five years, while it has continued to modernize its production facilities and digitally transform its business processes, to create further opportunities for future growth.


Similar articles

Metalloinvest’s sales revenues rise in 2021 as iron ore demand recovers

24 Feb | Steel News

Metalloinvest’s sales revenues rise in H1 amid higher iron ore and steel prices

19 Aug | Steel News

Metalloinvest’s net profit falls in 2020 amid varying exchange rate trends

24 Feb | Steel News

Metalloinvest posts higher net income for Jan-Sept

28 Nov | Steel News

Metalloinvest posts higher net income while its revenue falls

22 Aug | Steel News

Metalloinvest’s iron ore output up 0.2 percent in 2018

31 Jan | Steel News

Metalloinvest’s revenues up 24.6% in H1 due to higher sales of HVA products

27 Aug | Steel News

Metalloinvest’s sales revenues up 46.2 percent in 2017 due to higher prices

15 Mar | Steel News

Metalloinvest’s revenues up 52.4% in Jan-Sept amid higher steel prices

23 Nov | Steel News

Metalloinvest’s revenues up 85.1% in Q1 amid higher sales prices

01 Jun | Steel News