IN BRIEF: Afarak "proven right" on macro as profit and revenue down

Afarak Group SE - Helsinki-based speciality alloys supplier with operations in South Africa, ...

Alliance News 23 February, 2024 | 6:37PM
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Afarak Group SE - Helsinki-based speciality alloys supplier with operations in South Africa, Turkey and Germany - Pretax earnings for 2023 total EUR12.0 million, down from EUR49.2 million in 2022. Revenue decreases to EUR153.7 million from EUR198.7 million. Speciality alloys processed material sold increased 21% to 20,709 tonnes, and tonnage mined more than doubles to 336,601 tonnes. For the second half of the year, Afarak swings to an approximate EUR200,000 loss from the prior year's EUR26.6 million profit. Speciality alloys sales decrease 24% to 7,854 tonnes, but tonnage mined rises 86% to 173,629 tonnes. Cash balance at December 31 was EUR18.0 million, down from EUR19.9 million at June 30.

Chief Executive Officer Guy Konsbruck says interim predications "were proven right" as H2 "was characterised by very sluggish markets and serious pressure on prices". Expects "further positive developments" in ferro-alloys after segment "continued to perform well" last year. Company also expects to complete Magnochrome plant feasibility study by the end of May. Konsbruck adds that "we are still presenting in 2023 one of the best results in Afarak's history".

Current stock price: EUR0.35, down 13% in Helsinki

12-month change: down 40%

By Emma Curzon, Alliance News reporter

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Afarak Group SE 20.00 GBX 0.00 -
Afarak Group SE 0.37 EUR -0.14 -

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