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RHI Magnesita 2022 with massive drop in earnings

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Image: RHI Magnesita/Daniel Novotny
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Earnings before taxes (EBT) fell from 289 to 270 million euros. The bottom line was a profit of 167 million euros, after 250 million euros the year before. Earnings per share (EPS) fell from 5.10 to 3.31 euros, according to the annual report published on Monday. Thanks to price increases, sales increased significantly in the past financial year – by 30 percent to 3.3 billion euros. This could have compensated for cost increases.

Management described the performance as “solid”. In a time of ongoing supply chain disruptions and cost inflation, RHI Magnesita “focused on seamlessly supplying customers and benefited from the local-for-local strategy”.

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According to the information, the market share could be increased. The company’s steel supply volume remained largely unchanged – with a 7 percent decline in global steel production (excluding China). The margins have remained stable. The significantly increased energy, raw material and sea freight costs were compensated by higher sales prices.

Despite the drop in profits, the dividend is now to be increased – from EUR 1.50 to a total of EUR 1.60 per share. 50 cents were already distributed to shareholders on September 23, 2022 as an interim dividend. The Annual General Meeting on May 24th will decide on the remaining 1.10 per share.

Source: Nachrichten

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