Ljubljana, 02 September (STA) - The group around Slovenia's biggest steel company, SIJ, made EUR 18.9m in net profit in the first half of 2014, compared to EUR 6.4m in net loss in the same period last year. Revenue was up 7% to EUR 377m year-on-year and earnings before interest, taxes, depreciation and amortisation (EBITDA) soared by 85% to EUR 47m.
SIJ chairman Anton Černih told the press on Tuesday that EBITDA jumped because SIJ refocused its activities on higher added value products, such as stainless and other special steels.
The group expects to generate EUR 736.5m in revenues by the end of the year, which would be a 12% growth, while EBITDA is to more than double to EUR 85.2m, CFO Igor Malevanov said. Net profit is planned at over EUR 30.5m, compared to last year's loss of EUR 5m.
SIJ will invest to the tune of EUR 36.6m this year, while it expects to earmark between EUR 350m and EUR 400m for investment by 2025, Černih added.
Moreover, owners of the company SIJ - Russia's Zubitskiy family (72.2%) and the state (25%) - decided on Friday to set aside last year's distributable profit of EUR 24.5m. Apart from that, they appointed Denis Mancevič to the supervisory board.