Interpipe managed to overcome the Russian embargo on the import of Ukrainian railway products
As a result of the embargo on the import of Ukrainian railway products in the Russian Federation, introduced in February 2021, revenue from the Interpipe railway products segment in January-June fell by 40%.
However, the Ukrainian industrial company managed to overcome the difficulties caused by this decision by redirecting sales to other countries such as the USA, CIS, Europe and India. This was announced by Fadi Hraibi, General Director of Interpipe.
"We expect to maintain the achieved monthly sales of 15,000 tons of railway products in the second quarter until the end of the year," he said in the comments to the company's semi-annual report, published today.
In the first half of 2021, Interpipe's revenue declined by 2% YoY to $ 460 million despite an increase of 29% in the second quarter to $ 260 million.
In six months, Underlying EBITDA declined 25% to US $ 111 million on the back of a sharp 75% rise in the second quarter to US $ 71 million.
Interpipe's capital expenditures in January-June increased by 66% to USD 31 million, while the company's total net debt was USD 199 million with a consolidated net leverage ratio that was stable at 0.9x.