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RHI Magnesita NV - Vienna-based manufacturer of refractory products for the processing of steel, glass, and non-ferrous metals - Pretax profit rises 29% to €143 million in the first half of 2024 from €111 million a year before, despite flat revenue of €1.73 billion. RHI Magnesita says recent acquisitions make up for 3% lower sales volume and 4% lower prices to keep revenue steady. Excluding acquisitions, sales volume is down 1% in the Steel division and 10% in the Industrial division. Remains on track for previous guidance of at least €410 million in adjusted earnings before interest, tax, depreciation and amortisation in 2024. Adjusted Ebitda is €258 million in the first half of 2024 and was €543 million in all of 2023. This means 2024 adjusted Ebitda will be down as much as 24%.
Company also raises interim dividend by 9.1% to €0.60 per share from €0.55.
Current stock price: 3,590.00 pence, down 1.9% in London on Wednesday
12-month change: up 24%
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