Turkey-based steel producer Kocaer Çelik Sanayi ve Ticaret A.Ş. (Kocaer Çelik) has announced its financial and operational results for the January-September period of this year.
Turkey-based steel producer Kocaer Çelik Sanayi ve Ticaret A.S. (Kocaer Çelik) has announced its financial and operational results for 2024.
In the full year, Kocaer Çelik achieved a net profit of TRY 83.12 million ($2.28 million) compared to a net profit of TRY 1.70 billion in the previous year. The company registered an operating profit of TRY 1.18 billion ($32.34 million) in 2024, down 54.8 by three percent year on year. Kocaer Çelik’s sales revenues decreased by 13.4 percent year on year to TRY 19.23 billion ($526.87 million) amid lower selling prices on US dollar basis.
Meanwhile, the company’s EBITDA in 2024 decreased by 49.5 percent year on year to TRY 1.64 billion ($44.82 million), while its EBITDA margin went down to 10.6 percent from 14.4 percent.
In the given period, Kocaer Çelik’s product sales volume amounted to 580,443 mt, rising by 3.4 percent year on year. In the given year, the share of the company’s value-added products in its total sales volume increased to 42.0 percent, from 39.0 percent in 2023.
Kocaer Çelik stated in its financial report that the challenging market conditions in 2024 put pressure on margins and that costs increased in parallel to inflation and resulted in the decline in gross revenue. Kocaer also emphasized that the company made TRY 644 million of investments in 2024 and expects its share of high value-added product sales to increase in 2025 with the completion of investments towards high value-added products.