11,024.33 TRY BIST 100 BIST 100
4.57 CNY CNY CNY
32.97 USD USD USD
35.87 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
40.55 TRY Interest Interest
85.89 USD Fossil Oil Fossil Oil
31.06 USD Silver Silver
4.49 USD Copper Copper
107.83 USD Iron Ore Iron Ore
382.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,553.39 TRY Gold (gr) Gold (gr)

Russian TMK demonstrates stability despite sanctions

TMK Russia's annual financial report for 2023 demonstrates the company's stability in the face of sanctions.

Russian TMK demonstrates stability despite sanctions

According to TMK's financial report, TMK demonstrated stable results despite the fact that the US and UK have added the Russian company to the sanctions list. According to the data, this was achieved due to the continued growth of the domestic sales market, as well as the Company's consistent work aimed at increasing operational efficiency and financial stability of the business.

Thus, sales of pipe products amounted to 4,193 thousand tonnes, of which the seamless pipe sales volume was 3,431 thousand tonnes and welded pipe sales volume was 762 thousand tonnes. The company's net profit for the year was $431.4m, down 6.1% year-on-year, while sales revenue fell 13% year-on-year to $6bn.

Total debt totalled USD 3.55 billion, with net debt at USD 2.76 billionas of the end of 2023.

Overall, TMK seems to have successfully adapted to the new environment.

The growth of the domestic market, where production drilling has reached record levels, has been one of the key success factors. An effective strategy focusing on operational efficiency, financial stability and synergies from the acquisition of ChTPZ Group also played an important role.

TMK achieved record margins Adjusted EBITDA increased by 3.2 p.p. to 23.9%. TMK has managed to reduce its debt load and its net debt to EBITDA ras at a comfortable level of 1.9x, which indicates the company's financial stability.

TMK also mentions in its report that in 2024 it will continue to implement its Strategy until 2027, which it presented at the Investor Day in London in 2017.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In
SteelRadar Insight - Sayı 1 (Haziran 2024)

Most read news

POSCO increases prices for Japanese steel scrap imports

Saturday, July 13, 2024

Russian steel production decreased by 4% in June

Thursday, July 11, 2024

Cargo handled at Turkish ports increased

Friday, July 12, 2024

AISI reports decline in steel imports for June 2024

Friday, July 12, 2024

Chinese scrap market follows a volatile trend

Friday, July 12, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now