Turkey’s Kardemir posts higher sales revenues for Q1

Thursday, 06 May 2021 11:52:44 (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 quarter this year.

In the given quarter, Kardemir registered a net profit of TRY 501.26 million ($60.21 million), compared to a net loss of TRY 161.66 million recorded in the same quarter last year. The company registered an operating profit of TRY 664.46 million ($79.79 million) in the first quarter this year, compared to an operating loss of TRY 85.36 million in the first quarter in 2020. Kardemir’s sales revenues increased by 80.7 percent year on year to TRY 2.73 billion ($328.02 million).

In the first quarter, Kardemir’s consolidated EBITDA was TRY 821.21 million ($98.64 million) compared to TRY 137.37 million in the same quarter last year, while its EBITDA margin rose to 30.1 percent from 9.1 percent in the same quarter of the previous year. Meanwhile, the company stated that its product sales volume amounted to 565,531 mt last year, falling by 0.4 percent year on year.

In the given quarter, Kardemir produced 630,026 mt of crude steel, down by 6.3 percent, while its pig iron production amounted to 573,526 mt, falling by 6.5 percent, both on year-on-year basis.

According to the company’s statement, higher global steel prices as well as the improvements in the company’s production efficiency, and the expansion of its product and customer portfolio positively affected the company’s profitability in the first quarter. With the recovery period from the pandemic, higher demand in the steel markets increased the company’s total sales and profit. Kardemir stated that it believes that it will record sustainable growth and profitability in the upcoming period as it focuses on the production of value-added products.

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