2 Jun 2023 17:02

Interpipe doubles net profit in 2022

MOSCOW. June 2 (Interfax) - Interpipe, a Ukrainian pipe and railway wheel manufacturer, boosted net profit 2.2-fold to $204.441 million in 2022, from $91.316 million in 2021, Ukrainian media said, quoting a company financial statement.

Profit before tax grew to $220.579 million from $110.907 million and sales revenue fell 13.4%, to $981.33 million from $1.133 million.

Free cash flow grew from $109.627 million to $153.777 million.

EBITDA slumped 11% to $204 million and sales revenue fell 13% to $981 million, it has been reported. Interpipe reduced production of steel, pipes and railway products by 39%, 36% and 51%, respectively, in 2022 to 595,000 tonnes, 393,000 tonnes and 84,000 tonnes. Sales fell 37% to 524,000 tonnes last year, including 36% to 384,000 tonnes of pipes and 50% to 87,000 tonnes of railway products.

The report says Interpipe in 2022 increased sales in Europe and the United States, Canada and Latin America, but reduced sales in other markets.

Revenues from sales in the EU increased to $324.241 million in 2022 from $287.030 million in 2021 and sales in the Americas rose to $319.480 million from $223.433 million. Sales in the Middle East and North Africa fell to $110.576 million from $158524 million, in the CIS they fell to $27.123 million from $134.453 million and in other countries to $11.593 million from $29.259 million. Domestic market sales revenue fell to $188.317 million from $300.201 million.

Interpipe has five manufacturing divisions: Interpipe Nizhnedneprovsk Pipe Mill, Interpipe Novomoskovsk Pipe Mill, Interpipe Nico Tube, Interpipe Vtormet and electric furnace steel plant Dneprostal (Interpipe Steel).

Interpipe Limited's ultimate beneficiaries are Ukrainian businessman Viktor Pinchuk and members of his family.