Turkey-based IDC posts net profit for 2022, sales revenues increase

Friday, 10 March 2023 11:09:18 (GMT+3)   |   Istanbul
       

Turkish rebar producer İzmir Demir Çelik Sanayi A.Ş. (IDC) has announced its financial results for 2022.

Accordingly, in 2022 IDC registered a net profit of TRY 1.19 billion ($63.25 million), compared to a net loss of TRY 782.52 million in 2021. In the same period, the company’s sales revenues increased by 127.7 percent year on year to TRY 24.64 billion ($1.3 billion). In the given period, IDC recorded an operating profit of TRY 3.24 billion ($171.33 million), compared to an operating profit of TRY 1.17 billion in the previous year.

IDC said that last year its steel billet output decreased by 8.2 percent to 1.38 million mt, while its rebar production totaled 898,889 mt, falling by 8.8 percent, both year on year. Besides, 353,061 mt of rebar was also produced by the company’s contractual partners in the given period, with a year-on-year increase of 4.3 percent. In the given period, the company produced 278,796 mt of steel sections, down by 7.2 percent year on year.

In 2022, IDC’s finished steel sales decreased by 4.5 percent to 1.52 million mt, while its export sales fell by 33.2 percent to 297,602 mt, both year on year.

The company stated that raw material and finished steel prices increased on average on year-on-year basis. It also noted that the continuing rise in the exchange rate in the given period resulted in higher financing expense. In 2022, exchange rates increased by 43 percent.


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