Turkish steel producer Yükselen Çelik has announced its financial results for the first nine months of this year.
In the first nine months of the year, Yükselen Çelik achieved a net profit of TRY 122.61 million ($6.58 million), 2.3 times higher than a net profit of TRY 52.93 million in the first nine months of the previous year. The company registered an operating profit of TRY 225.34 million ($12.09 million) in the given period, up by 160.9 percent year on year. Yükselen Çelik’s sales revenues increased by 172.3 percent to TRY 1.08 billion ($58.07 million) in the first nine months, despite unfavorable market conditions, while its EBITDA rose by 2.4 times year on year to TRY 203.6 million ($10.9 million).
In the given period, the company’s export revenues increased from TRY 4.3 million to TRY 68.1 million ($3.65 million), while the share of its export revenues in its total sales revenues amounted to 6.3 percent.
In its statement, the company forecast that its sales revenues for the whole year will be in the range of TRY 1.2-1.5 billion. Net profit and EBITDA are expected to increase in the third and fourth quarters if the adverse events are partially reduced.