Russian mining and steel producing company Evraz Group has announced its financial results for the first half of 2022.
In the first half this year, Evraz registered a consolidated sales revenue of $8.09 billion, rising by 31.1 percent compared with $6.17 billion in the first half of 2021. In the same period, the group registered a net profit of $6 million, compared to a net profit of $1.21 billion in the same period of the previous year.
The consolidated EBITDA of Evraz for the given period this year was $2.48 billion, up by 19.4 percent year on year, due to higher coal product sales prices as well as the better performance of North American assets. The EBITDA margin fell to 30.7 percent in the first half this year, from 33.7 percent in the corresponding period of 2021.
In the given period, Evraz’s capital expenditure spent on maintenance and development projects increased to $513 million, up by 19.3 percent year on year.
According to the company’s statement, besides geopolitical tensions, the strong ruble, declining demand for the company’s products and increased competition in Evraz’s traditional markets are also challenging the company. Geopolitical tensions, mounting economic pressure and sanctions will continue to shape Evraz’s operating environment in the second half.