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Borusan Mannesmann achieves record net profit in 2022

Monday, 27 February 2023 13:58:43 (GMT+3)   |   Istanbul
       

Turkey’s leading steel pipe producer Borusan Mannesmann has announced its financial and operational results for 2022.

The company posted a net profit of TRY 1.35 billion ($81.48 million) for the given period, compared to a net profit of TRY 94.42 million in 2021, reaching a record high. In the given year, Borusan Mannesmann’s sales revenues increased by 220.9 percent year on year to TRY 22.2 billion ($1.34 billion), due to the growth in global markets.

In 2022, the company’s premium quality product sales were up by 13 percent year on year to 721,000 mt. In the same period, 69 percent of the company’s premium quality product sales were directed to export markets, with exports maintaining a strong performance. The company’s turnover from sales of high value-added pipes which includes special and spiral pipes accounted for 77 percent of the total premium quality product sales turnover, while its turnover from high value-added drilling pipe sales accounted for 45 percent. In the given period, the company’s turnover from value-added spirally-welded pipe sales amounted to five percent of the turnover from the total sales of premium quality pipes. Steel pipe sales for the automotive sector in 2022 increased by three percent on the back of investments. The company’s turnover from pipe sales to the automotive sector in the full year accounted for 17 percent of the total premium quality product sales turnover.

The company stated that the value of its investments in the given period was TRY 727.43 million ($38.51 million).


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