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OYAK Mining Metallurgy Group’s net profit and revenues rise sharply in Q1

Tuesday, 14 May 2024 15:32:12 (GMT+3)   |   Istanbul
       

Turkish integrated steelmaker OYAK Mining and Metallurgy Group has announced its financial and operational results for the first quarter this year.

The company has reported a net profit of TRY 5.85 billion ($274.35 million) for the first quarter, compared to a net profit of TRY 65.92 million in the same period last year, while the company’s sales revenues amounted to TRY 49.75 billion ($1.54 billion), up by 89.3 percent year on year. The company’s operating income in the given quarter amounted to TRY 8.81 billion ($273.11 million), compared to an operating income of TRY 435.99 million in the same period of the previous year.

Regarding the operational results, in the given period OYAK Mining and Metallurgy Group produced 2.26 million mt of crude steel, rising by 88.3 percent, including 916,000 mt of crude steel produced at the Eregli works, and 1.35 million mt at the Iskenderun works.

In the first quarter, the flat steel output of OYAK Mining and Metallurgy Group increased by 37.0 percent to 1.84 million mt, while the company’s long steel output amounted to 268,000 mt, dropping by 346.7 percent, both year on year. Additionally, in the given period, the flat steel sales volumes of the company went up by 16.7 percent year on year to 1.72 million mt, while its long steel sales volumes grew by 236.8 percent year on year to 256,000 mt.

During the given period, the company exported 292,000 mt of finished steel to 25 countries.


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