Interpipe increased its profit by 1.7% y/y in January-September

Ukrainian industrial company Interpipe, a producer of steel pipes and railway products, increased its net profit by 1.7% – to $189.13 million in January-September 2023 compared to the same period in 2022. This is evidenced by the consolidated financial statements published on the company’s website.

Revenue from sales of the company’s products in January-September 2023 increased by 14.4% y/y – up to $785.4 million. Interpipe’s EBITDA for the period increased by 2.3 times y/y – up to $287.54 million.

Interpipe’s capital investments in the first 9 months of 2023 amounted to $17.57 million, up 16.9% compared to 2022. The company’s net debt for the period decreased to -$13.84 million compared to +$893 thousand a year earlier.

In January-June 2023, Interpipe increased steel production by 20.3% compared to the same period in 2022, to 344 thousand tons. Production of tubular products increased by 1.9% y/y, to 209 thousand tons, and railway products by 17.5% y/y – to 47 thousand tons. At the same time, the company notes that in the first half of 2022, its facilities were suspended for 2-2.5 months and does not consider the comparison of results with the same period last year to be representative.

As GMK Center reported earlier, in January September 2022 Interpipe increased its net profit by 5.7 times compared to the same period in 2021 – up to $185.95 million. Revenue from the sale of the company’s products in January-September 2022 decreased by 9.2% y/y – to $686.634 million. Interpipe’s EBITDA for this period decreased by 18.5% – to $123.02 million.

During 2022, Interpipe reduced production of steel by 39% compared to 2021 – to 595,000 tons. Production of railway products decreased by 51% y/y – to 84 thousand tons, and pipes – by 36% y/y, to 393 thousand tons.

Interpipe is an international vertically integrated pipe and wheel company, one of the top 10 global manufacturers of seamless pipes and one of the top 3 manufacturers of wrought wheels.