Turkey’s Kardemir reports increased sales revenues for 2020

Tuesday, 02 March 2021 11:04:35 (GMT+3)   |   Istanbul

Turkish integrated long steel producer Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. (Kardemir) has announced its financial results for 2020.

In the given year, Kardemir registered a net profit of TRY 60.65 million ($8.30 million), compared to a net profit of TRY 80.64 million recorded in 2019. The company registered an operating profit of TRY 543.65 million ($74.16 million) in 2020, compared to an operating profit of TRY 247.26 million in 2019. Kardemir’s sales revenues increased by 23.8 percent year on year to TRY 7.52 billion ($1.02 billion).

In the given period, Kardemir’s consolidated EBITDA was TRY 1.26 billion ($172.56 million) compared to TRY 665.95 million in 2019, while its EBITDA margin rose to 16.8 percent from 11 percent in the previous year. Meanwhile, the company stated that its product sales volume amounted to 2.37 million mt last year, rising by 5.8 percent year on year.

In 2020, Kardemir produced 2.50 million mt of crude steel, up by 11.6 percent, while its pig iron production amounted to 2.27 million mt, rising by 10.1 percent, both on year-on-year basis.

Following the measures taken to tackle the coronavirus, Kardemir recovered in the fourth quarter last year, improving in the given quarter in terms of operations and financial results compared to other quarters.

“At Kardemir, our company’s foreign exchange position deficit was significantly reduced by the various transactions we made in 2020. Kardemir increased its number of employees by 147 on a consolidated basis in 2020. Key indicators and expectations show that 2021 will be a better year,” the company’s statement said.

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