Turkey’s leading steel pipe producer Borusan Mannesmann has announced its financial and operational results for the first nine months this year.
The company posted a net profit of TRY 554.25 million ($34.89 million) for the given period, compared to a net loss of TRY 221.22 million in the first nine months of 2021. In the given period, Borusan Mannesmann’s sales revenues increased by 216.3 percent year on year to TRY 14.83 billion ($934.08 million).
In the first nine months this year, the company’s premium quality product sales were up by 14 percent year on year to 531,000 mt. In the same period, 69 percent of the company’s premium quality product sales were directed to export markets, maintaining a strong performance in global markets. The company’s turnover from sales of high value-added pipes which includes special and spiral pipes accounted for 72 percent of the total premium quality product sales turnover, while its turnover from high value-added drilling pipe sales accounted for 38. 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. Steel pipe sales for the automotive sector in the first nine months increased by seven percent on the back of investments. The company’s turnover from pipe sales to the automotive sector in the first nine months accounted for 18 percent of the total premium quality product sales turnover.
The company stated that the value of its investments in the given period was TRY 404.33 million ($21.72 million).