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Turkey’s Borusan Boru achieves record net profit in 2023

Wednesday, 06 March 2024 15:41:45 (GMT+3)   |   Istanbul
       

Major Turkish steel pipe producer Borusan Birleşik Boru Fabrikaları Ticaret A.Ş. has announced its financial results for 2023.

The company has posted a record net profit of TRY 4.10 billion ($129.26 million) for the given year, compared to a net profit of TRY 1.35 million in 2022. In the given year, Borusan Boru’s sales revenues increased by 89.9 percent year on year to TRY 42.18 billion ($1.33 billion).

According to the company, its sales volume came to 1.06 million mt, growing by 24.6% from 853,000 mt recorded in the previous year, while local steel pipe sales accounted for 22.5 percent of total sales revenues and exports for 77.5 percent.

The company’s initial expectations are that its sales volume will total 1.05-1.20 million mt this year. It also predicts that sales prices will approach the long-term average and profitability to normalize in 2024, due to balanced supply-demand conditions.

Borusan Boru has also stated that it will carry out adaptation works within the scope of the EU’s Carbon Border Adjustment Mechanism, continue to create added value with smart pipes, and target new markets with hydrogen, carbon capture and energy storage products.


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