MMK Group’s Net Profit Up 31.7% in January-September

6 November 2018 (09:44)

UrBC, Magnitogorsk, November 6, 2018. Magnitogorsk Iron & Steel Works (MMK) Group made 31.7% more in net profit (calculated in accordance with the IAS) in January-September 2018 compared with one year earlier, with the overall figure reaching $1.072bn, the company reports.

The Group’s consolidated revenue rose by 11.7% and thus amounted to $6.252bn. Its EBITDA came to $1.881bn (up 30.6%), its EBITDA profit margin stood at 30.1% against 25.7% a year earlier.

MMK’s profit rose by 2.3% in the third quarter of the year compared with the second quarter and thus amounted to $401m. Its EBITDA came to $671m (up 3.2% on the previous quarter), its EBITDA profit margin went from 30.9% up to 32.1%.

‘The company is enjoying a stable demand for metal produce on its regular markets at the moment, which means our facilities are working at their full capacity; the demand also gets boosted through growing global steel consumption and China’s production-downsizing program. The company’s financial performance in the last quarter of the year will depend on the dropping global steel prices and the seasonal adjustments on the home market, as well as on the stable raw stuffs prices,’ MMK’s comment states.

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