Refractory producer, RHI Magnesita reported a revenue of EUR 1.73 bln (USD 1.91 bln) for the six months ending on June 30, marking a notable 9pct increase compared to the same period in 2022. This growth was primarily attributed to higher pricing and contributions from recent acquisitions.
The company’s adjusted EBITA for the period rose to EUR 200 mln (USD 221 mln) from EUR 188 mln in the previous year despite lower sales volumes.
The increase in EBITA and margin can be also attributed to several factors, including currency tailwinds, higher pricing, strategic sales initiatives, and the positive impact of acquisitions on the company’s performance, the company said.
“In the first half of the year we continued to experience challenging conditions in the steel market as a result of low demand volumes in all geographies with the exception of India. However, I am pleased to report that the resilience of our business model and strategy has been demonstrated by strong pricing, sector diversification, the delivery of material benefits from our strategic sales initiatives and a growing contribution from acquisitions”, Chief Executive Officer, Stefan Borgas, said.
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