Major Turkish steel pipe producer Borusan Birleşik Boru Fabrikaları Ticaret A.Ş. has announced its financial results for the first half of this year.
In the given period, the company achieved a net profit of TRY 639.57 million ($19.1 million), compared to a net profit of TRY 2.54 billion in the same period last year, while its sales revenues rose by 90.3 percent year on year to TRY 29.65 billion ($883.85 million).
In the first half, Borusan’s total sales volume came to 619,000 mt, increasing by 41.9 percent compared to the first half of 2023, while its exports accounted for 81.0 percent of total sales revenues. In the meantime, the company’s revenues from sales of high value-added pipes, which includes pressure, special and spiral pipes, accounted for 85.0 percent of the total sales revenues, while its revenues from high value-added drilling pipe sales in the US market accounted for 21.0 percent, due to a decrease in the number of wells and the balance between supply and demand in the US market.
The company’s expectations are that its sales volume will total 1.05-1.20 million mt in the full year, remaining unchanged from the previous guidance. It also predicts that sales prices will remain at the long-term average and that weak demand outlook and cost pressure will continue in the second half.
The company stated that the value of its investments in the first half was TRY 1.04 billion ($31 million).