Vallourec: Reduces its losses in the 1st quarter


(CercleFinance.com) – Vallourec announces this evening a turnover of 916 ME for the 1st quarter, up 30.5% compared to the same period a year earlier, the activity having been driven by a 10.3% increase in shipped production, to 395 thousand tonnes.

Business progressed in the ‘Oil & Gas, Petrochemicals’ market (+41.7% at constant exchange rates, known as ‘cc’, to 623 ME) but fell in ‘Industry & Other’ (-3% at cc , at 261 ME) and in electrical energy (-21.1% at constant exchange rates, at 32 ME).

Operating profit came out at -12 ME, against +27 ME twelve months earlier. For its part, net income group share amounted to -35ME, against -93ME in the 1st quarter of 2021.

‘As the fundamentals of oil and gas drilling activities are strengthened, Vallourec is ideally positioned to seize the growth opportunities available to it. The Group benefits from unique assets, a solid engineering culture, strong relationships with its customers and a global presence with market-leading products’, assures Philippe Guillemot, Chairman of the Board of Directors and Chief Executive Officer.

Based on market trends and assumptions – particularly related to iron mine operations – EBITDA is now expected to increase significantly in 2022 compared to the previous year, concludes the group.

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