Russia’s Mechel sees higher net profit in H1

Friday, 27 August 2021 14:27:49 (GMT+3)   |   Istanbul

Mechel, one of the leading Russian mining and steel groups, has announced its financial results for the first half of the current year.

In the January-June period this year, Mechel saw a net profit of RUB 31.80 billion ($429.48 million) compared to a net profit of RUB 10.19 billion in the same period of the previous year. This was the result of foreign exchange gains on foreign currency liabilities, the company stated. In the given period, Mechel’s sales revenues increased by 40 percent year on year to RUB 184.91 billion ($2.49 billion). The operating profit was RUB 43.35 billion ($585.42 million), compared to RUB 5.67 billion in the first half of the previous year.

Meanwhile, the company’s EBITDA in the first half amounted to RUB 51.97 billion ($701.74 million), rising by 136 percent compared to the corresponding period of the previous year.

In the first half, the revenue of Mechel’s mining segment from external customers amounted to RUB 45.56 billion ($613.85 million), up 29 percent year on year, while the division’s EBITDA in the given period rose by 109 percent year on year, totaling RUB 27.88 billion ($376.42 million). In the first half, the company’s steel segment revenues from external customers increased by 51 percent to RUB 124.52 billion ($1.68 billion), due to increased sales volumes, while the EBITDA of the steel segment in the given period went up by 243 percent year on year to RUB 24.38 billion ($329.22 million).

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