In the report shared on the Public Disclosure Platform (KAP), Borusan Boru announced a total profit of 639,774,000 for the period 01.01.2024 - 30.06.2024. In the first 6 months of 2023, the company announced a profit of TL 2,537,386,000. Thus, the company's net profit decreased by 74.7% compared to the same period of the previous year. The company posted a net profit of TL 272,811,000 in the quarter, while increasing its sales revenue by 90.3% on annual basis to TL 29.65 billion.
TL 1 billion investment in the first half
Sharing that the total amount of investments realized in the first half of the year was TL 1.04 billion, the pipe company's total sales volume increased by 41.9% annually to 619,000 mt, while export sales accounted for 81% of total sales revenue. The company's revenue increased by 90.1% compared to the same period of the previous year, while operating profit decreased by 48.8%.
Pressurized, special and spiral pipes have a significant sales volume
Borusan's revenues from high value-added pipe sales such as pressure, specialty and spiral pipes accounted for 85% of total revenues. However, the share of high value-added drilling and well pipe sales in total revenues was 21% due to the decline in the number of wells in the US and the impact of supply-demand balance. Borusan's sales volume this year is expected to be 1.05-1.20 million metric tons, unchanged from the previous forecast. In addition, selling prices are expected to remain at long term average this year due to balancing supply and demand, while the weak demand outlook and cost pressures are expected to continue in the second half of the year.
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