Turkey’s leading steel pipe producer Borusan Mannesmann has announced its financial and operational results for the first half this year.
The company has reported a net profit of TRY 2.54 billion ($128.52 million) for the given period, compared to a net profit of TRY 385.29 million in the first half of 2022. In the given period, Borusan Mannesmann’s sales revenues increased by 82.3 percent year on year to TRY 15.57 billion ($784.72 million).
In the first half this year, the company’s premium quality product sales were up by 8.7 percent year on year to 436,000 mt. In the same period, 78 percent of the company’s premium quality product sales were directed to export markets. The company’s turnover from sales of high value-added pipes which include special and spiral pipes accounted for 82 percent of the total premium quality product sales turnover, while its turnover from high value-added drilling pipe sales accounted for 60 percent of the total premium quality product sales turnover. In the given period, the company’s turnover from value-added spirally-welded pipe sales amounted to nine percent of the turnover from the total sales of premium quality pipes, with a 21 percent increase in sales volumes with the acquisition of US-based Berg Pipe.
The company stated that the value of its investments in the given period was TRY 697.19 million.