UrBC, Yekaterinburg, March 14, 2017. TMK’s net profit amounted to $166m in 2016 against $368m in net loss a year earlier, the company press service reports.

The pipe manufacturer’s revenue rose by 10% in the last quarter of the year compared with Q3’16 and reached $902m. The year’s revenue came to $3.338bn, which was 19% less than in the year 2015.

TMK’s EBITDA rose by 11% in the last quarter of the year compared with the previous quarter, reaching $140m; the year’s EBITDA amounted to $530m, which was 19% less than in the year 2015.

‘We are happy to report an improvement in our performance dynamics in the last quarter of this challenging year. The improvement has to do with our Russian assets’ success as well as with the increased demand for weldless OCTG pipes on the U.S. market. We also allowed more shares in circulation in February 2017 and had our investor base diversified through a second public offering. Now improvements in our American assets’ performance and the U.S.’ recovering oil and gas market give us some confidence in the coming financial year; we can expect the company’s operational and financial performance to keep getting better,’ says TMK Director-General Alexander Shiryayev.