Borusan Mannesmann’s sales rise in Jan-Sept despite container crisis

Wednesday, 10 November 2021 11:16:57 (GMT+3)   |   Istanbul
       

Turkey’s leading steel pipe producer Borusan Mannesmann has announced its financial results for the first nine months this year, posting a net profit of TRY 221.22 million ($27.34 million) for the given period, compared to a net loss of TRY 99.64 million in the first nine months of 2020. In the given period, Borusan Mannesmann’s sales revenues increased by 75.9 percent year on year to TRY 4.68 billion ($579.54 million).

In the first nine months this year, the company’s premium quality product sales were up by 23 percent year on year to 467,000 mt due to the lower figure recorded in the corresponding period last year amid the coronavirus pandemic. The global protectionist measures and the container crisis continue to exert pressure on sales, the company noted. In the same period, 63 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 62 percent of the total premium quality product sales turnover, while its turnover from high value-added drilling pipe sales accounted for 22 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 four 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 50 percent on the back of investments. The company’s turnover from pipe sales to the automotive sector in the first nine months accounted for 24 percent of the total premium quality product sales turnover.

The company stated that the value of its investments in the given period was TRY 173.07 million ($17.67 million).


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