Kardemir Earned 2021 Million Lira Net Profit in the First Quarter of 501

Kardemir made million lira net profit in the first quarter of the year
Kardemir made million lira net profit in the first quarter of the year

Kardemir Inc. Signing a significant profit in the first quarter of 2021, it closed the first three months with a net profit of 501,26 million TL.

In the statement made by Karabük Iron and Steel Factories (KARDEMİR), it was stated that the company achieved a high profitability with the effect of the momentum captured by the world iron and steel industry and its proactive management approach.

In the statement that the first quarter of 2021 was ended above expectations, KARDEMİR, which achieved an EBITDA of 2020 million lira in the first quarter of 137,37, increased its EBITDA to 488 million lira with an increase of 821,2 percent compared to the same period of the previous year. While our sales revenues were 1,51 billion liras in the first quarter of the previous year, it reached 2021 billion liras with an increase of 80 percent in the same period of 2,73. " statements were included.

In the statement, the following were recorded: In addition to the global price increases in steel prices, the improvements we made in the field of production efficiency, our effective financial management approach, our increasing product range and the customer portfolio we developed had a positive impact on our first quarter profitability.

Our total sales and profitability have increased more than expected compared to the first quarter of 2020 as a result of the increase in demand in the steel markets, our safe sales policy, product development and marketing activities for the defense industry, automotive, machinery manufacturing and rail systems sectors with the recovery process after the pandemic. We are fully confident that we will achieve sustainable growth and profitability in the upcoming period as we focus on our sales, marketing and export activities and focus on value-added products such as railroad tracks, railway wheels, heavy beams and coils.

Our company, which declared a loss of 2020 million TL in the first quarter of 161,67 in the official statement we made to the Public Disclosure Platform (KAP), signed a significant profit in the same period of 2021 and closed the first three months with a net profit of 501,26 million TL. In addition to the profit achieved, our company has increased its net working capital significantly compared to the year-end, while also bringing its net debt closer to zero. Our company, which recorded a great decrease in its foreign currency short position, took its position in the rising iron and steel markets around the world with strong management will.

Our company, whose shares are offered to the public in Borsa Istanbul (BIST), demonstrated the effect of not only the rising market but also the stable management approach with the profit announced above the expectations of many brokerage houses in the first quarter of 2021. In the first three months of the past year, our factory, which also went through the Collective Bargaining Agreement process, made significant improvements in employee rights for a more sustainable understanding of quality and production. Our company, which gives priority to domestic supply in raw material consumption, continues to contribute to the economy of the country and the region. With its strong corporate structure and determined management approach, it continues its social responsibility activities as well as environmental and technology investments.

The Financial Figures of Kardemir for the First Quarter of 2021 are as follows:

  • Consolidated net assets: 11.838.505.474 -TL
  • Consolidated turnover: 2.731.656.573 -TL
  • EBITDA: 821.208.331-TL
  • EBITDA Margin: 30,1%
  • EBITDA TL / ton: 1.452-TL
  • Consolidated net profit for the period: 501.264.707 -TL
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