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 1.17 billion ($79.15 million), compared to a net profit of TRY 501.26 million recorded in the same quarter last year. The company registered an operating profit of TRY 1.46 billion ($99.0 million) in the first quarter this year, compared to an operating profit of TRY 664.46 million in the first quarter in 2021. Kardemir’s sales revenues increased by 120.5 percent year on year to TRY 6.02 billion ($407.39 million).
In the first quarter, Kardemir’s consolidated EBITDA was TRY 1.52 billion ($103.21 million), increasing by 85.8 percent year on year, while its EBITDA margin fell to 25.3 percent from 30.1 percent in the same quarter of the previous year. Meanwhile, the company stated that its product sales volume amounted to 534,617 mt in the first quarter, falling by 5.4 percent year on year.
In the given quarter, Kardemir produced 529,704 mt of crude steel, down by 15.9 percent, while its pig iron production amounted to 472,309 mt, falling by 17.6 percent, both on year-on-year basis.