Major Turkish steel pipe producer Borusan Birleşik Boru Fabrikaları Ticaret A.Ş. has announced its financial results for 2024.
The company has posted a net loss of TRY 227.69 million ($6.25 million) for the given year, compared to a net profit of TRY 4.10 billion in 2023. In the given year, Borusan Boru’s sales revenues increased by 30.6 percent year on year to TRY 55.06 billion ($1.51 billion).
According to the company, its sales volume came to 1.17 million mt, growing by 9.9 percent from 1.06 million mt recorded in the previous year, while local steel pipe sales accounted for 19.0 percent of total sales revenues and exports for 81.0 percent, up 3.5 points year on year.
Borusan Boru’s sales volumes increased in the infrastructure, construction and automotive segments by 56.2 percent, 10.3 percent and 4.9 percent, respectively, while sales to the energy sector decreased by 16.9 percent from a high base.
The company’s initial expectations are that its sales volume will total 1.05-1.20 million mt this year, the same as last year. Borusan Boru expects the challenging market conditions to endure in 2025. In this context, while its sales volume and revenue are expected to remain stable, profit pressures are expected to be balanced through effective cost management, and the EBITDA margin is projected to be in the range of five percent to seven percent.