Turkish rebar producer İzmir Demir Çelik Sanayi A.Ş. (IDC) has announced its financial results for the first nine months of 2022.
Accordingly, in the first nine months IDC registered a net profit of TRY 426.4 million ($22.92 million), compared to a net profit of TRY 83.1 million in the first nine months of 2021. In the same period, the company’s sales revenues increased by 140.7 percent year on year to TRY 17.33 billion ($931.97 million). In the given period, IDC recorded an operating profit of TRY 2.68 billion ($144.25 million) compared to an operating profit of TRY 726.3 million in the same period of the previous year.
IDC said that in the January-September period of the current year its steel billet output decreased by 7.9 percent to 1.02 million mt, while its rebar production totaled 635,686 mt, falling by 11.3 percent, both year on year. Besides, 254,454 mt of rebar was also produced by the company’s contractual partners in the given period, with a year-on-year increase of 3.3 percent. In the given period, the company produced 203,504 mt of steel sections, down by 10.4 percent year on year.
In the first nine months of 2022, IDC’s finished steel sales decreased by 5.7 percent to 1.1 million mt, while export sales fell by 28 percent to 233,142 mt, both year on year.
The company statement said that during the first nine months of the year raw material and finished steel prices increased on average on year-on-year basis. The company also noted that the continuing rise in the exchange rate in the given period caused a financial loss.
