Turkey-based steel producer Kocaer Çelik Sanayi ve Ticaret A.S. (Kocaer Çelik) has announced its financial and operational results for the January-September period this year.
In the first nine months of the year, Kocaer Çelik achieved a net profit of TRY 1.1 billion ($39.35 million) compared to a net profit of TRY 453.65 million in the same period last year. The company registered an operating profit of TRY 1.58 billion ($55.89 million) in the first nine months this year, up by 27.7 percent year on year. Kocaer Çelik’s sales revenues increased by 31.6 percent year on year to TRY 8.88 billion ($313.226 million).
Meanwhile, the company’s EBITDA in the first nine months increased by 28.9 percent year on year to TRY 1.67 billion ($58.99 million).
In the given period, Kocaer Çelik’s product sales volume amounted to 422,543 mt, rising by 8.4 percent year on year despite the 32-day production suspension at the A2 factory in Aliağa, Izmir. In the first nine months, the share of the company’s value-added products in its total sales volume decreased to 39.0 percent, from 41.8 percent in the same period of last year. Kocaer expects the share of value-added products in its total portfolio to increase in the remainder of the year with the completion of its investment in high value-added products at the A-2 factory. The company mainly prefers order-based production and operates with a minimum stock of products and raw materials.