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RHI Magnesita profit drops 79%; hikes dividend amid recovery
StockMarketWire.com
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Refractory products supplier RHI Magnesita posted an 79% drop in annual profit as its sales slumped during the pandemic, though it upped its dividend citing a recovery in demand and its cash position.
Pre-tax profit for the year through December tumbled to €42 million, down from €200 million year-on-year, as revenue slid 23% to €2.26 billion.
RHI Magnesita declared a full-year dividend of €1.50 per share, up from €0.50 year-on-year, including a final payout of €1.00.
The company said it continued to see a steady, month-on-month improvement in demand in all its end markets and order book.
'Whilst volatility and uncertainty are likely to remain elevated in the short term, the group expects overall recovery trends to continue in both its steel and industrial divisions during 2021, with earnings likely to be weighted towards the second half,' RHI Magnesita said.
Adjusted earnings before interest, tax, depreciation and amortisation were tracking in line with current market expectations1, assuming the recovery in end markets was sustained.
'The group has protected its commercial, operational and sustainability investments throughout a period of difficult market conditions and is well positioned to benefit from these as markets recover,' it added.
Story provided by StockMarketWire.com
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