Major Turkish steel pipe producer Borusan Birleşik Boru Fabrikaları Ticaret A.Ş. has announced its financial results for the first quarter this year.
The company has posted a net profit of TRY 366.85 million ($11.4 million) for the given period, compared to a net profit of TRY 1.35 billion in the same period last year, while its sales revenues increased by 120.2 percent year on year to TRY 16.36 billion ($507.78 million).
In the first quarter, Borusan’s total sales volume came to 357,000 mt, increasing by 65.2 percent compared to the first quarter of 2023, while its exports accounted for 79.0 percent of total sales revenues. In the meantime, the company’s revenues from sales of high value-added pipes, which includes pressure, special and spiral pipes, accounted for 86.0 percent of the total sales revenues, while its revenues from high value-added drilling pipe sales accounted for 17.0 percent, due to a decrease in the number of wells and the supply-demand balance in the US market.
The company’s initial expectations are that its sales volume will total 1.05-1.20 million mt in the full year. It also predicts that sales prices will approach the long-term average and that its profitability will normalize in 2024, due to balanced supply-demand conditions.
The company stated that the value of its investments in the first quarter was TRY 589.99 million ($18.31 million).