Turkey’s Yükselen Çelik posts higher net profit and sales revenues for H1

Thursday, 11 August 2022 13:42:20 (GMT+3)   |   Istanbul
       

Turkish steel producer Yükselen Çelik has announced its financial results for the first half of this year.

In the first half of the year, Yükselen Çelik achieved a net profit of TRY 118.88 million ($6.6 million), compared to a net profit of TRY 31.71 million in the first half of the previous year. The company registered an operating profit of TRY 193.01 million ($10.74 million) in the first of half this year, up by 282.3 percent year on year. Yükselen Çelik’s sales revenues increased by 217.8 percent to TRY 761.94 million ($42.42 million) in the first half, while its EBITDA rose by 4.1 times year on year to TRY 191.3 million ($10.6 million).

In the given half, the company’s export revenues increased from TRY 2.5 million to TRY 59 million ($3.28 million), while the share of its export revenues in its total sales revenues exceeded seven percent.

In its statement, the company forecasts that its net profit will decrease in the second half of this year due to the increase in loan rates. In addition, the company’s sales may decline due to the downward trend in steel and commodity prices. The company stated that additional adverse macroeconomic impacts may cause a decrease in sales revenues.


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