Russian steel pipe producer TMK has announced its financial results for the full year of 2023.
In the given year, the company’s net profit amounted to RUB 39.4 billion ($431.40 million), down by 6.1 percent year on year, while its sales revenues decreased by 13.5 percent compared to 2022 to RUB 544.3 billion ($5.96 billion). On the other hand, TMK’s adjusted EBITDA came to RUB 130.1 billion ($1.42 billion), remaining almost stable year on year, while its adjusted EBITDA margin rose by 2.3 percentage points to 23.9 percent.
In 2023, the company sold 4.19 million mt of pipes in total, of which the sales of seamless pipes amounted to 3.43 million mt and welded pipe sales to 760,000 mt.
As SteelOrbis reported previously, the US and the UK governments have included some of the major Russian companies like TMK in their list of sanctioned companies. However, the impact from sanctions is expected to be small.