Interpipe NTRP plant EBITDA plunged 83% qoq in 1Q21

EBITDA at Interpipe NTRP, a subsidiary of Ukraine’s
largest pipe and railway wheel producer Interpipe (INTHOL), plunged 83.1% qoq
to USD 1.5 mln in 1Q21, according to the plant’s standalone financial report
published on April 30. The plant’s revenue added 10.2% qoq to USD 80.6 mln in
1Q21.

The prices for railway wheels, which Interpipe
produces only at its NTRP plant, were 1,237 USD/t in 1Q21, a 2% qoq rise.

Dmytro Khoroshun: The 1Q21
qoq plunge of NTRP’s EBITDA confirms our expectations that in 2021 the financial
performance of NTRP and Interpipe’s railway product segment should weaken
substantially yoy.

The reasons are the 33% drop in prices during 2020 and
the possible loss of up to 30% in sales volumes due to Russia’s ban on imports from
Ukraine.

The qoq stabilization of NTRP’s railway wheel
prices in 1Q21 is in line with the data on Ukraine’s export prices for January-February.