Turkey’s Kardemir maintains financial growth momentum in H1

Wednesday, 11 August 2021 15:05:41 (GMT+3)   |   Istanbul
       

Turkish integrated long steel producer Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. (Kardemir) has announced its financial and operational results for the first half of this year.

In the first half of the year, Kardemir went from a net loss of TRY 267.8 million in the same period of 2020 to post a net profit of TRY 1.42 billion ($164.38 million), maintaining its financial growth momentum as in the first quarter results. The company registered an operating profit of TRY 1.88 billion ($217.61 million) in the first of half this year, compared to an operating loss of TRY 83.8 million in the same period of last year. Kardemir’s sales revenues increased by 96 percent year on year to TRY 6.37 billion ($737 million). In addition, the company’s EBITDA margin was recorded at 32.7 percent.

In the given period, Kardemir produced 1.25 million mt of crude steel, up by 0.8 percent, while its pig iron production reached 1.15 million mt, up by 1.5 percent, both on year-on-year basis.

“As a result of our safe sales policy, value-added product development, marketing activities, production efficiency and effective financial management, along with the demand and price increase seen in the steel markets, our total sales and profitability increased more than the market expectation in the first half of 2021,” the statement released by the company said.


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