Turkey-based steel producer Kocaer Çelik Sanayi ve Ticaret A.S. (Kocaer Çelik) has announced its financial and operational results for 2023.
In the full year, Kocaer Çelik achieved a net profit of TRY 1.18 billion ($36.55 million) compared to a net profit of TRY 970.05 million in the previous year. The company registered an operating profit of TRY 1.8 billion ($55.63 million) in 2023, up by three percent year on year. Kocaer Çelik’s sales revenues decreased by 14.2 percent year on year to TRY 15.09 billion ($465.35 million).
Meanwhile, the company’s EBITDA in 2023 increased by 6.5 percent year on year to TRY 2.23 billion ($68.73 million), while its EBITDA margin increased to 14.8 percent from 11.9 percent.
In the given period, Kocaer Çelik’s product sales volume amounted to 561,458 mt, rising by 5.3 percent year on year despite the contraction in the Turkish steel industry and the decline in export volumes in 2023. In the given year, the share of the company’s value-added products in its total sales volume decreased to 39.4 percent, from 42.0 percent in 2022. The company mainly prefers order-based production and operates with a minimum stock of products and raw materials.
According to the company’s statement, despite the 32-day production suspension at the A2 plant in Aliağa, Izmir in May 2023, Kocaer’s sales volume increased throughout the year.