Turkey’s Kardemir posts higher net profit for 2023, sales revenues drop

Friday, 03 May 2024 13:58:41 (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 2023.

In the given year, the company achieved a net profit of TRY 1.59 billion ($49.12 million) compared to a net profit of TRY 1.11 billion in 2022. The company registered an operating loss of TRY 3.04 billion ($93.92 million) last year, compared to an operating profit of TRY 2.35 billion in the previous year. Kardemir’s sales revenues declined by 4.7 percent year on year to TRY 51.62 billion ($1.60 billion).

In addition, in the given year the company’s EBITDA decreased by 36.2 percent year on year to TRY 3.30 billion ($101.96 million).

In 2023, Kardemir produced 2.39 million mt of crude steel, up by 7.8 percent, while its pig iron production came to 2.20 million mt, increasing by 10.7 percent, both on year-on-year basis. The company’s total sales moved up by 14.6 percent year on year to 2.37 million mt.

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