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 3.09 billion ($149.27 million) for the given period, compared to a net profit of TRY 554.25 million in the first nine months of 2022. In the given period, Borusan Mannesmann’s sales revenues increased by 73.4 percent year on year to TRY 25.73 billion ($1.16 billion).
In the first nine months this year, the company’s total product sales were up by 9.7 percent year on year to 686,000 mt. In the same period, 75 percent of the company’s premium quality product sales were directed to export markets, with the company maintaining a strong performance in the global markets. The company’s turnover from sales of high value-added pipes which includes pressure, special and spiral pipes accounted for 80 percent of the total premium quality product sales turnover, while its turnover from high value-added drilling pipe sales accounted for 53 percent. In the given period, the company’s turnover from value-added spirally-welded pipe sales amounted to 15 percent of the turnover from the total sales of premium quality pipes.
The company stated that the value of its investments in the given period was TRY 1.27 billion ($44.68 million).