Synopsis: TMK, a prominent provider of steel pipes, pipe solutions, and related services, has released its interim consolidated results for the first half of 2023, adhering to International Financial Reporting Standards. Despite domestic market uncertainties and economic fluctuations, TMK showcased robust financial and operational performance during this period, underscoring its business model's resilience.Article: TMK, known for its leadership in steel pipes, pipe solutions, and related services, has unveiled its interim consolidated results for the initial half of 2023, aligning with International Financial Reporting Standards. This announcement comes against the backdrop of a volatile domestic market and economic ambiguity. Despite these challenges, TMK demonstrated commendable financial and operational prowess during this duration, solidifying the strength of its business framework.Notwithstanding the substantial impact of market turbulence and economic uncertainty on the operating environment, TMK's adept management successfully orchestrated robust financial and operational achievements during the first half of 2023. These accomplishments stand as a testament to the company's steadfastness in the face of adversity and its commitment to maintaining a sturdy business model.While the initial six months of 2023 witnessed a 7.3% YoY reduction in the company's revenue, this was attributed to the separation of assets from VTW JSC and ChelPipe JSC for large-diameter pipe production, coupled with a concurrent reorganization that involved merging with TMK Pipeline Solutions. Remarkably, despite this decline, TMK's operating profit surged by 35.6% YoY, amounting to RUB 58.2 billion. This growth underscored the company's enhanced operational efficiency and reaped synergies from the acquisition of ChelPipe Group entities.The interim period also witnessed a remarkable ascent in Adjusted EBITDA, which recorded a substantial YoY surge of +50.4%, reaching RUB 79.2 billion. This commendable growth translated to a record-breaking Adjusted EBITDA margin of 28.4%.TMK's commitment to financial stability is evident through its dedicated endeavors to mitigate debt burdens. As of June 30, 2023, the ratio of net debt to adjusted EBITDA (LTM) was an impressive 1.61x, significantly below the target of 2.5x stipulated in the Group's Strategy.Amidst the prevailing climate of uncertainty, TMK's unwavering focus centers on ensuring seamless operations within its production enterprises. The company remains committed to timely order fulfillment, upholding commitments to suppliers, employees, and creditors, all of which are essential components for navigating through this high-uncertainty landscape.Conclusion: TMK's robust performance in the first half of 2023 is emblematic of its resilience and strategic acumen in managing challenges within a dynamic economic landscape. The company's ability to achieve impressive financial results while navigating uncertainties underscores its commitment to operational excellence and underscores its position as a formidable player in the steel industry.