Turkey-based steel pipe producer Borusan Mannesmann Boru has announced its financial results for 2017. In the year in question, Borusan Mannesmann achieved a net profit of TRY 243.57 million ($66.77 million), compared to a net profit of TRY 102.08 million in 2016, while the company’s sales revenues amounted to TRY 2.84 billion ($779.01 million), rising by 44.5 percent year on year.
In the given year, premium quality product sales of the company increased by three percent year on year to 742,000 mt. In the same period, export sales accounted for approximately 63 percent of total sales.
In addition, in 2017 the company’s pipe sales to the automotive industry increased by six percent year on year. Meanwhile, the company’s turnover from value-added spirally-welded pipe sales increased with the support of the recovery in the North American market and accounted for 39 percent of total premium quality product sales.
In the same year, Borusan Mannesmann started production of new pipes in larger diameters and different qualities, thanks to investments in the production of drilling pipes, and it acquired a large portion of its total new product sales from drill pipes in the given year.