Turkey’s leading steel pipe producer Borusan Mannesmann has announced its financial results for the first half this year, posting a net profit of TRY 152.82 million ($19.43 million) for the given period, compared to a net profit of TRY 74.58 million in the first half of 2019. In the given period, Borusan Mannesmann’s sales revenues increased by 79.3 percent year on year to TRY 2.89 billion ($367.41 million).
In the first half this year, the company’s premium quality product sales were up by 19 percent year on year to 313,000 mt due to the lower figure recorded in the corresponding period last year amid coronavirus pandemic. In the same period, 62 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 includes special and spiral pipes accounted for 51 percent of the total premium quality product sales turnover, while its turnover from high value-added drilling pipe sales accounted for 20 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 six percent of the turnover from the total sales of premium quality pipes. Steel pipe sales for the automotive sector in the first half increased with the investments. The company’s turnover from pipe sales to the automotive sector in the first six months accounted for 25 percent of the total premium quality product sales turnover.
The company stated that the value of its investment in the given period was TRY 143.38 million ($17.02 million).