Turkey's Kardemir, one of the largest industrial companies, has announced its 2018 first quarter results. Having closed the first quarter of the year with a high performance, Kardemir's success and the increase in production and productivity as a result of the investments continued played a decisive role. Kardemir Chairman of the Board Ömer Faruk Öz said that they will continue to expand their product range with high value added strategic products that will increase their competitiveness while increasing production in accordance with the scale economy in order to sustain the successful performance achieved.
Kardemir, Karçel, Enbatı, Karsigorta and its subsidiaries such as Ermaden, Karçimsa, Vademsaş and EPİAŞ and Kardemir, the most established industrial corporation of the iron and steel industry, announced the first quarter results of 2018.
In the first quarter of the year, the steady increase in production and strong sales prices were reflected in the financial statements. Working with a capacity utilization rate of up to 100% in all production processes, Kardemir's increase in production efficiency was also effective in financial success.
Kardemir's sales revenues were 49 billion TL with an increase of 1,3 percent compared to the same period of the previous year and EBITDA was 237 million TL with an increase of 378 percent. While the company's net net loss for the first quarter last year was 5,5 million TL, profit of 235 million TL was realized in the same period of this year.
We focused on high value added products.
Ömer Faruk Öz, Chairman of the Board, evaluating the results of Kardemir's first quarter, said, “We are continuing to work on the production of steel grades, which are used in the automotive, defense, white goods, furniture and manufacturing industry sectors, almost all of which have imported substitutes. We are pursuing a production strategy that will provide higher successes in the financial results of our company and reduce the foreign dependency of our country in the sector in these high value added products. ”
Thanks to our employees.
Expressing that Kardemir is one of the companies that increased its market value most in the first quarter of 2018, Ömer Faruk Öz thanked all of his employees for ensuring these successful results. Show their confidence and support for the company's Thank You also to all shareholders Oz, "Turkey's first integrated iron and steel plant, Kardemir's leave behind the year 81 of the founding of our country and all our stakeholders see us as a safety and their expectations at the highest level we are trying to meet. Our only goal is to make Kardemir an organization that is more competitive than yesterday, more profitable than yesterday, and serves its region and country more than yesterday. ”
Our Steel Plant Investments Started.
Ömer Faruk Öz stated that the signatures were signed with the contractor company for the new Continuous Casting Plant, which will be established with a capacity of 1.250.000 tons / year, and the investment of the continuous casting plant, which will be carried out simultaneously with the expansion of the converter capacities 1 and 2, will be completed by the end of 2019 and He noted that he would reach Kardemir's ultimate goal of 3,5 million tons of production capacity.
Kardemir's first quarter financial figures for 2018 were as follows.
Consolidated net asset: 7.029.396.416-TL
Consolidated turnover: 1.288.506.668-TL
EBITDA: 377.710.220-TL
EBITDA Margin:% 29,3
EBITDA TL / ton: 632-TL
Consolidated net profit for the period: 235.053.326-TL
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