Afarak Group's revenue decreased by 25.1% in H1 2024, but maintained positive EBITDA.

From GlobeNewswire: 2024-08-16 05:15:00

Afarak Group SE released their financial interim report for the first half of 2024, showing a 25.1% decrease in revenue to EUR 71.4 million compared to the previous year. Despite challenges, the company maintained a positive EBITDA of €4.2 million. CEO Mr. Guy Konsbruck highlighted the ongoing competition in the low carbon ferro-chrome market and efforts to expand production of chrome ore concentrates in South Africa.

Looking ahead to the second half of 2024, Afarak Group anticipates facing continued competition in the low carbon ferro-chrome market due to factors like Russian material sanctions lifting by the year’s end. The company also expects a strong chrome ore market and plans to increase output in South Africa. CEO Mr. Konsbruck emphasized the importance of efficiency and diversifying revenue streams in navigating the challenging business environment.

Despite revenue decreasing to EUR 71.4 million in the first half of 2024, Afarak Group SE achieved a positive EBITDA of €4.2 million. The company remains the sole Western producer of low carbon ferro-chrome, catering to industries like aerospace, defense, automotive, and green energy. Efforts to adapt to market conditions and increase operational efficiency have been key to maintaining profitability.



Read more at GlobeNewswire:: AFARAK GROUP: INTERIM REPORT H1 2024