Kardemir announced its financial results for the first quarter of this year. In the 1st quarter financial results of 2023, the company reached a net profit of 641 million lira, above the market expectation of 575 million lira.
Kardemir's net profit in the first quarter of 2023 decreased by 45 percent compared to the same period last year. The company left the 1st quarter of 2022 with a net profit of 1.17 billion TL, and the net profit for the whole of 2022 was 2.174 billion TL.
The company's earnings before interest, tax, depreciation and amortization (EBITDA) in the first quarter was realized at 1.08 billion TRY, in line with market expectations of 1.05 billion TRY. In the first quarter of last year, Kardemir's EBITDA was realized as 1.53 billion TRY. EBITDA margin, which was 25 percent in the first quarter of 2022, declined to 12 percent in this quarter.
Kardemir's first quarter turnover was realized at 8.85 billion TL, above the expectation of 8.42 billion TL, with a 47 percent y-o-y increase in turnover.
Kardemir's product production on a ton basis was 537 thousand tons in the first quarter of last year, while this quarter's production was 586 thousand tons. Total production was 2,140 thousand tons in 2022. The company's liquid steel production, which was 548 thousand tons in the first quarter of last year, increased to 630 thousand tons in the first quarter of this year.
Net sales of main products increased from 535 thousand tons to 611 thousand tons in the same period. Looking at the distribution of total sales by product, billet sales ranked first with 218 thousand tons and rebar sales ranked second with 145 thousand tons.
Although average billet prices decreased compared to last year, they started to increase in the first quarter of this year. The unit sales price of billet, which was $703/ton in the same quarter last year, increased to $791/ton in the second quarter of 2022 and then decreased to $605/ton in the last quarter. In the first quarter of this year, the average price per ton of billet was $645.
The company, which closed the year 2022 with a net debt of 32 million dollars, has reached a net cash figure of 149 million dollars in the first 3 months of this year. Kardemir, which made a total investment expenditure of 62 million dollars in 2022, made a total investment expenditure of 16 million dollars in the first quarter of this year.
Comments
No comment yet.