Interpipe increased its profit by 28.4% y/y in Q1

Revenue from sales of the company's products increased by 11.3% y/y in 3 months.

In January-March 2024, Ukrainian industrial company Interpipe increased its net profit by 28.4% compared to the same period in 2023 to $73.39 million. This is evidenced by the consolidated financial statements published on the company’s website.

Revenue from sales of the company’s products in January-March 2024 increased by 11.3% y/y – to $255.14 million. Interpipe’s EBITDA for the period decreased by 6.6% y/y – to $74.14 million.

In the first three months of 2024, Interpipe’s capital investments amounted to $13.09 million, up 3.9 times compared to the first quarter of 2023. The company’s net debt for the period increased to +$565 thousand compared to -$1.49 million a year earlier.

During the first quarter, Interpipe increased its tax payments to the budgets of all levels of Ukraine and off-budget funds by 90% compared to the same period in 2023, to UAH 1.19 billion.

It should be noted that in 2023, Interpipe increased its net profit by 23.7% compared to 2022 – to $252.89 million. The company’s revenue amounted to $988.71 million, up 0.8% y/y. EBITDA increased by 65.2% y/y – to $336.75 million.

As GMK Center reported earlier, Ukrtruboprom’s enterprises increased pipe production by 10.2% in 2023 compared to 2022, up to 495.6 thousand tons. In particular, Interpipe Nico Tube increased its output by 13.3% y/y, while Interpipe NMTZ decreased by 53.8%.

In 2023, exports of pipe products decreased by 11% compared to 2022, to 356.3 thousand tons. Revenue from pipe exports decreased by 15% y/y – to $587.1 million. The main consumers of Ukrainian pipes were Germany, the US, Romania and Poland.

Interpipe is an international vertically integrated pipe and wheel company that ranks among the top 10 seamless pipe producers in the world and among the top 3 producers of all-rolled railway wheels.