TMK's net loss under IFRS for the first half of 2024 amounted to RUB 1.8 billion against a profit of more than RUB 28 billion a year earlier. Revenue amounted to RUB 276.73 billion. compared to RUB 278.86 billion. Adjusted EBITDA amounted to RUB 46 billion (-41.9%). This is stated in the company's message.
The total volume of sales of pipe products increased by 4.9% and amounted to 2,215 thousand tons, of which the volume of sales of seamless pipes amounted to 1,646 thousand tons, and welded pipes – 570 thousand tons.
In the second half of 2024, the company will move to adjust the selling prices for seamless pipes following a significant increase in raw material prices over the past year. In addition, TMK will work to optimize working capital in order to partially release it and will strive to accelerate debt reduction during the second half of 2024, the report says.
TMK is a supplier of steel pipes, pipe solutions and related services for various sectors of the economy. TMK manufactures threaded pipes, special pipes, pipeline systems and other products for the energy, chemical industry, mechanical engineering, construction and other industries. TMK shares are traded on the Moscow Stock Exchange.
