Turkey-based steel producer Kocaer Çelik Sanayi ve Ticaret A.S. (Kocaer Çelik) has announced its financial and operational results for the first quarter this year.
In the given quarter, the company achieved a net profit of TRY 95.85 million ($3.10 million) compared to a net profit of TRY 103.47 million in the same quarter of the previous year, while it registered an operating profit of TRY 311.22 million ($10.08 million) in the given period, down by 7.1 percent year on year. Kocaer Çelik’s sales revenues decreased by 11.5 percent year on year to TRY 3.87 billion ($125.31 million).
Meanwhile, the company’s EBITDA in the first quarter rose by 47.9 percent year on year to TRY 456.72 million ($14.79 million), while its EBITDA margin rose to 12.6 percent from 8.2 percent.
In the given period, Kocaer Çelik’s product sales volume amounted to 124,656 mt, falling by 9.4 percent year on year. The share of the company’s value-added products in its total sales volume increased to 36 percent, from 34 percent in the first quarter of 2023. The company mainly prefers order-based production and operates with a minimum stock of products and raw materials.
According to its statement, Kocaer Çelik expects that the share of value-added products in its total portfolio to increase in the remainder of the current year, following the investments at its Aliağa A1 plant.