Kardemir Closed the First Quarter of 2022 with a Net Profit of 1,17 Billion Liras

Kardemir Closed the First Quarter of the Year With Billion Lira Net Profit
Kardemir Closed the First Quarter of 2022 with a Net Profit of 1,17 Billion Liras
Karabük Iron and Steel Factories (KARDEMİR) closed the first quarter of 2022 with a net profit of 1,17 billion liras.

In the written statement made by KARDEMİR;

“Continuing to be the locomotive industrial establishment of Turkey for 85 years since its establishment, our Company continues uninterruptedly with its high added value activities that it has provided and will provide to our country and region. Our Company, which achieved a net profit of TL 2022 Billion in the first quarter of 1,17, above the market expectations, continues to raise its sustainable profitability graph upwards with its proactive management approach.

Our Company, which achieved 2021 million TL EBITDA in the first quarter of 821,2, increased its EBITDA to 85,9 billion TL with an increase of 1,53% in the same period of this year. Our sales revenues, on the other hand, increased by 120% in the first quarter of this year compared to the same period of the previous year, reaching TL 6,03 Billion.

Our Company, which has been carrying out its activities in a transparent and corporate manner with the motto of strong management and sustainable production since the last quarter of 2020, continues to reap the fruits of the right steps taken. In addition to the global increases in steel prices, the improvements we have made in the field of production efficiency, our understanding of effective financial management, strict financial discipline, our increasing product diversity and the customer portfolio we have developed have had a positive impact on our profitability in the first quarter of 2022. As a result of the increase in demand in the steel markets, our safe sales policy, our product development and marketing activities for the defense industry, automotive, machinery manufacturing and rail systems sectors, together with the recovery process after the pandemic, our total sales and profitability increased more than expected compared to the first quarter of 2021.

We firmly believe that we will achieve a sustainable growth and profitability in the coming period as well, by focusing on sales, marketing and export activities and focusing on value-added products such as railway tracks, railway wheels, heavy profiles and coils. Our Company, which gives priority to domestic supply in raw material consumption, continues to contribute to the national and regional economy with its strong corporate structure and determined management approach. In addition, it will complete its technological investments in an environmentally friendly manner and continue its social responsibility activities.

Our Company, which generates value-added sales revenues with its specific products such as railway wheels and rails, has become a visible player in the global market, especially with its export and marketing efforts in recent years. In addition to our sales, marketing and export activities, our Company has achieved global level financial management capabilities with its disciplined financial management studies. Our company, which carries out production, planning, sales and financial management elements with a corporate and strong management structure, continues to grow day by day and contribute to Turkey's 2023 national targets. Our Company, which maintains a transparent and fair work in its commercial activities with our sector stakeholders and shareholders, will walk into the future in a stronger way.

We would like to thank all our employees and sector stakeholders with this high profitability, and wish them good luck for the Turkish iron and steel industry and our shareholders.

Kardemir A.Ş.

Kardemir's first quarter financial figures for 2022 were as follows.

  • Consolidated net asset : 28.187.771.476 TL
  • Consolidated turnover : 6.025.571.147 TL
  • EBITDA: TL 1.526.483.580
  • EBITDA Margin: 25,3%
  • EBITDA TL/ton: TL 2.855
  • Consolidated net profit for the period: TL 1.170.646.956

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