Turkey-based steel producer Kocaer Çelik Sanayi ve Ticaret A.S. (Kocaer Çelik) has announced its financial and operational results for the first half of this year.
In the first half of the year, Kocaer Çelik achieved a net profit of TRY 769.44 million ($28.45 million) compared to a net profit of TRY 322.92 million in the same period last year, due to an increase in sales revenues and a sharp decline in financing expenses. The company registered an operating profit of TRY 1.09 billion ($40.47 million) in the first of half this year, up by 22.8 percent year on year despite increased energy costs. Kocaer Çelik’s sales revenues increased by 21.3 percent year on year to TRY 5.24 billion ($193.9 million).
Meanwhile, the company’s EBITDA in the first half increased by 24.1 percent year on year to TRY 1.15 billion ($42.5 million).
In the given period, Kocaer Çelik’s product sales volume amounted to 269,330 mt in the first half, falling by 3.4 percent year on year. In the first half this year, the share of the company’s value-added products in its total sales volume decreased to 34 percent, from 41 percent in the same period of last year. The company mainly prefers order-based production and operates with a minimum stock of products and raw materials.