Russia’s MMK posts higher net profit in 2023

Wednesday, 07 February 2024 12:30:49 (GMT+3)   |   Istanbul
       

Russian steel producer Magnitogorsk Iron and Steel Works (MMK) has announced its financial results for 2023.

In 2023, MMK’s net profit increased by 68.2 percent year on year to RUB 118.36 billion ($1.29 billion). The company’s revenue rose by 9.1 percent year on year to RUB 763.39 billion ($8.37 billion), reflecting an increase in sales volume. MMK’s EBITDA amounted to RUB 195.60 billion ($2.14 billion), up 26.2 percent compared to the previous year, owing to an improvement in sales and an increase in sales of premium products, while its EBITDA margin rose to 25.6 percent, from 22.2 percent in 2022.

The company forecasts higher investment activity this year in accordance with the group’s development strategy until 2025. In addition, MMK plans to start the construction of a steam power plant this year, which will increase its own energy generation.


Similar articles

Russia’s MMK posts higher net profit in 2021 amid higher output

03 Mar | Steel News

Russia’s MMK sees increased revenue in Jan-Sept amid higher sales

26 Oct | Steel News

Russia’s MMK’s net profit down in 2020 amid coronavirus, picks up in Q4

02 Feb | Steel News

Russia’s MMK sees 75.9 percent rise in net profit in Q3 from Q2

22 Oct | Steel News

MMK’s net profit more than halved in Q2

29 Jul | Steel News

MMK expects significant pressure on global prices in Q2 amid Covid-19

30 Apr | Steel News

MMK’s net profit down by 19.4 percent in Q1

02 May | Steel News

MMK’s net profit increases by 10.8 percent in 2018

08 Feb | Steel News

MMK’s net profit up 2.3 percent in January-September

05 Nov | Steel News

MMK’s sales revenues up 16% in H1 amid higher sales volume and prices

02 Aug | Steel News