Afarak Group SE on Friday reported a recovery in profit for 2022 as sales increased.

Afarak is a Helsinki-based speciality alloys supplier with mines and plants in South Africa, Turkey and Germany.

The company said pretax profit in 2022 jumped to €49.2 million from €2.9 million a year prior. Revenue more than doubled to to €198.7 million from €80.3 million.

It highlighted that tonnage mined increased 29% to 132,362 tonnes from 102,970 tonnes a year ago.

Afarak’s total assets as at December 31 grew 9.2% to €159.8 million from €146.4 million. The company noted that the demand for regular grades of low carbon ferro-chrome ‘showed some decline’ in the fourth quarter of 2022, with prices dropping.

Looking ahead, the company said the main factors will be the speed of recovery of China’s economy and the evolution of Russia’s war in Ukraine.

Afarak shares were flat at 25.00 pence each on Friday morning in London.

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