Turkish rebar producer İzmir Demir Çelik Sanayi A.Ş. (IDC) has announced its financial results for the first quarter this year.
Accordingly, in the first quarter IDC registered a net profit of TRY 471.8 million ($24.08 million), compared to a net profit of TRY 181.08 million in the first quarter of 2022. In the same period, the company’s sales revenues increased by 72.4 percent year on year to TRY 7.36 billion ($375.8 million), while it recorded an operating profit of TRY 872.72 million ($44.54 million) compared to an operating profit of TRY 824.98 million in the same period of the previous year.
IDC said that in the first three months of the current year its steel billet output increased by 15 percent to 376,728 mt, while its rebar production totaled 254,090 mt, rising by 17.1 percent, both year on year. Besides, 89,247 mt of rebar was also produced by the company’s contractual partners in the given period, with a year-on-year increase of 5.7 percent. In the given period, the company produced 68,880 mt of steel sections, up by 5.8 percent year on year.
In the first quarter, IDC’s finished steel sales increased by 23.8 percent to 418,384 mt, while its export sales fell by 18 percent to 84,146 mt, both year on year.
The company said that during the first quarter of the year raw material and finished steel prices increased on average on year-on-year basis. It also noted that its financing expenses decreased by 54 percent year on year.