Russian steel pipe producer TMK has announced its financial results for the fourth quarter and the full year of 2018.
While the company’s sales revenues increased by five percent to $1.26 billion in the fourth quarter, compared to the previous quarter, its sales revenues in 2018 rose by 16 percent year on year to $5.09 billion.
TMK’s gross profit last year was $916 milion, in comparison to $872 million registered in 2017. In the fourth quarter of 2018, TMK recorded a gross profit of $224 million, compared to $221 million in the same period of 2017.
TMK’s adjusted EBITDA grew by nine percent to $179 million in comparison to the third quarter. In 2018, on the other hand, adjusted EBITDA rose to $700 million, increasing 16 percent year on year.
TMK’s CEO Alexander Shiryaev stated, “Despite challenges in the key markets in 2018, TMK maintained its strong performance and achieved further growth with a 16 percent increase in both group revenue and adjusted EBITDA for the full year of 2018, reflecting growth at all three divisions. We made further progress on strengthening our financial position by reducing our leverage.” Regarding the 2019 outlook, on the other hand, he added, “We are positive about the outlook for 2019 and expect domestic consumption in Russia to remain strong, driven by growing demand for high-tech products for increasingly complex hydrocarbon production projects, and anticipate stable demand and an improved sales-mix in Europe.”