Turkey-based IDC posts higher sales revenues for Jan-Sept

Wednesday, 03 November 2021 15:30:14 (GMT+3)   |   Istanbul

Turkish rebar producer İzmir Demir Çelik Sanayi A.Ş. (IDC) has announced its financial results for the January-September period of 2021.

Accordingly, in the first nine months IDC registered a net profit of TRY 83.10 million ($8.59 million), compared to a net loss of TRY 665.90 million in the same period of 2020. In the same period, the company’s sales revenues increased by 106.3 percent year on year to TRY 7.20 billion ($744.88 million). In the given period, IDC recorded an operating profit of TRY 726.30 million ($75.14 million), compared to an operating profit of TRY 192.17 million in the same period of the previous year.

IDC said that in the first nine months of the current year its steel billet output increased by 18.1 percent to 1.11 million mt, while its rebar production totaled 716,912 mt, rising by 16.5 percent, both year on year. Besides, 246,216 mt of rebar was also produced by the company’s contractual partners in the given period, with a year-on-year increase of 25.0 percent. In the given period, the company produced 227,356 mt of steel sections, up by 28.2 percent year on year.

In the first nine months of 2021, IDC’s finished steel sales increased by 17.1 percent to 1.17 million mt, while its export sales rose by 32.0 percent to 323,967 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 it to incur a financial loss.

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