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 quarter this year.
In the given quarter, Kardemir registered a net profit of TRY 641.09 million ($32.74 million), compared to a net profit of TRY 1.17 billion recorded in the same quarter last year. The company registered an operating profit of TRY 824.69 million ($42.11 million) in the first quarter this year, compared to an operating profit of TRY 1.46 billion in the first quarter in 2021. Kardemir’s sales revenues increased by 46.8 percent year on year to TRY 8.85 billion ($452.09 million) due to increased sales volumes.
In the first quarter, Kardemir’s consolidated EBITDA was TRY 1.08 billion ($55.46 million), increasing by 28.8 percent year on year, while its EBITDA margin fell to 12.27 percent from 25.3 percent in the same quarter of the previous year. Meanwhile, the company stated that its product sales volume amounted to 610,609 mt in the first quarter, rising by 14.2 percent year on year.
In the given quarter, Kardemir produced 609,287 mt of crude steel, up by 15.0 percent, while its pig iron production amounted to 547,912 mt, rising by 16.0 percent, both on year-on-year basis.
