Turkish steel producer Yükselen Çelik has announced its financial results for 2023.
In the given year, the company achieved a net loss of TRY 147.5 million ($4.6 million), compared to a net profit of TRY 52.1 million in 2022, while it registered an operating profit of TRY 164.62 million ($5.1 million), down by 80.1 percent year on year. In the meantime, Yükselen Çelik’s sales revenues decreased by 51.0 percent to TRY 1.41 billion ($43.8 million), while its EBITDA declined by 72.8 percent year on year to TRY 218.4 million ($6.8 million).
The company stated that in 2023 rising inflation and energy prices led to an increase in its costs and that demand for the products they sell dropped since buyers were having difficulties accessing bank loans. It also added that its sales volumes decreased and stock costs rose due to the lack of desired investment and growth in export markets. However, in 2024, Yükselen Çelik expects that its sales revenues will increase significantly compared to last year.