Turkey's leading steel
pipe producer Borusan Mannesmann Boru has announced its financial results for 2014, posting a net profit of TRY 25.11 million ($9.7 million), declining by 31.8 percent compared to the previous year. In the given period, Borusan Mannesmann's sales revenues increased by 36.9 percent to TRY 1.64 billion ($632.5 million), while its operating profit amounted to TRY 76.9 million ($29.6 million), rising by 96.6 percent, both year on year. The company saw significant growth in its export revenues last year despite the increasing competition in export markets, registering a 44 percent increase compared to 2013.
In 2014, Borusan Mannesmann's steel
pipe sales increased by 19.9 percent year on year to 699,000 metric tons. Sales of high value-added products, mainly pressure pipes, special pipes and spiral pipes, accounted for 53 percent of total sales. In the same period, the company's export volume rose by 43 percent compared to 2013.
Borusan Mannesmann plans to start
pipe shipments for the construction of the 1,900 km long Trans-Anatolian pipeline project (TANAP) in the current year. The company has a one third share in the $420 million consortium.