Afarak Group Plc (GB:AFRK) has released an update.
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Afarak Group SE reported a decrease in revenue by 25.1% to €71.4 million in the first half of 2024, compared to the same period in 2023, and a significant drop in earnings before interest, taxes, depreciation, and amortization (EBITDA) to €4.2 million. Despite the challenging business environment, the company achieved a positive EBITDA, aided by higher chrome ore prices, which offset the impact of abundant Russian material and low-cost imports from India. Looking forward, Afarak anticipates improved cost structures and continued development of new revenue streams in Europe, while expecting strong chrome ore markets and increased production capacity in South Africa.
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