Turkish pipe maker Erciyas Çelik Boru Sanayi A.Ş. has announced its financial results for the first half of 2022.
Accordingly, in the given period Erciyas registered a net profit of TRY 46.93 million ($3.52 million), compared to a net profit of TRY 14.28 million in the same period of 2021. In the first half this year, the company’s sales revenues increased by 95.6 percent year on year to TRY 1.51 billion ($102.13 million). In the given period, Erciyas recorded an operating profit of TRY 337.92 million ($22.78 million), compared to an operating profit of TRY 183.34 million in the first half of the previous year.
In the January-June period of this year, Erciyas sold 69,000 mt of pipes, compared to 34,000 mt recorded in the same period of the previous year. In the given period, 74 percent of the company’s total pipe sales tonnage consisted of export sales.
According to the company’s statement, despite the increase expectations, partly due to rising raw material prices, global steel prices remained stable in the first half, as there was no support from the demand side. Prices are expected to rise as demand recovers in Europe.