Turkey-based IDC posts 156.6 percent increase in sales revenues for H1

Monday, 15 August 2022 11:10:10 (GMT+3)   |   Istanbul

Turkish rebar producer İzmir Demir Çelik Sanayi A.Ş. (IDC) has announced its financial results for the first half of 2021.

Accordingly, in the first half IDC registered a net profit of TRY 207.93 million ($11.57 million), compared to a net profit of TRY 29.21 million in the first half of 2021. In the same period, the company’s sales revenues increased by 156.6 percent year on year to TRY 11.01 billion ($613.23 million). In the given period, IDC recorded an operating profit of TRY 1.65 billion ($92.04 million) compared to an operating profit of TRY 516.84 million in the same period of the previous year.

IDC said that in the first six months of the current year its steel billet output decreased by six percent to 700,053 mt, while its rebar production totaled 463,750 mt, falling by 1.7 percent, both year on year. Besides, 171,265 mt of rebar was also produced by the company’s contractual partners in the given period, with a year-on-year increase of 3.6 percent. In the given period, the company produced 137,557 mt of steel sections, down by 11.4 percent year on year.

In the first half of 2022, IDC’s finished steel sales increased by 0.1 percent to 760,997 mt, while export sales rose by 29.9 percent to 207,228 mt, both year on year.

The company statement said that during the first half 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.

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