Turkish pipe maker Erciyas Çelik Boru Sanayi A.Ş. has announced its financial and operational results for 2023.
Accordingly, in the given period Erciyas registered a net profit of TRY 81.19 million ($2.5 million), compared to a net profit of TRY 184.75 million in 2022. In 2023, the company’s sales revenues were TRY 8.26 billion ($257.38 million), rising by 134.8 percent compared to TRY 3.52 billion in the previous year. In the given year, Erciyas recorded an operating profit of TRY 1.19 billion ($37.29 million), compared to an operating profit of TRY 581.92 million in 2022.
In the whole year, Erciyas sold 211,000 mt of pipes, compared to 117,000 mt recorded in the previous year, while 84 percent of the company’s total pipe sales tonnage consisted of export sales.
In addition, the company stated that, despite the increasing costs on Turkish lira basis due to high inflation, the sideway movement of the exchange rates caused the share of fixed expenses on lira basis in its turnover to increase. Erciyas said it expects the exchange rates to remain above current levels in 2024 and the share of fixed expenses in its turnover to develop positively.