Turkey-based İDÇ posts net profit for H1, sales revenues double

Wednesday, 18 August 2021 10:33:36 (GMT+3)   |   Istanbul

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

Accordingly, in the first half İDÇ registered a net profit of TRY 29.21 million ($3.46 million), compared to a net loss of TRY 458.85 million in the first half of 2020. In the same period, the company’s sales revenues increased by 103.3 percent year on year to TRY 4.29 billion ($509.24 million). In the given period, İDÇ recorded an operating profit of TRY 516.84 million ($61.32 million) compared to an operating profit of TRY 75.94 million in the same period of the previous year.

İDÇ said that in the first six months of the current year its steel billet output increased by 22.8 percent to 745,242 mt, while its rebar production totaled 471,807 mt, rising by 21.9 percent, both year on year. Besides, 165,284 mt of rebar was also produced by the company’s contractual partners in the given period, with a year-on-year increase of 34.4 percent. In the given period, the company produced 155,313 mt of steel sections, up by 34.8 percent year on year.

In the first half of 2021, İDÇ’s finished steel sales increased by 22 percent to 760,007 mt, while export sales declined by 15 percent to 159,511 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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