Kardemir increased profits amid reduced sales

The consolidated balance sheet was based on Turkish Accounting Standards 29 and was subject to inflation adjustments.

In 2023, revenues decreased by 5 percent to 51.6 billion TL from 54.1 billion TL in 2022. However, its net profit showed a significant increase, rising from 1.1 billion TL to 1.5 billion TL. In the same period, its gross profit dropped by 48 percent to TL 2.1 billion and EBITDA by 37 percent to TL 3.2 billion. Operating profit turned from TL 5.1 billion in 2022 to a loss of TL 3 billion in 2023.

Assets increased significantly, especially in the last quarter. Current assets increased by 28 percent to 25.2 billion TL, while fixed assets increased by 210 percent to 34.7 billion TL. Total assets increased by 94 percent to TL 59.9 billion. Shareholders' equity increased by 215 percent quarter-on-quarter to TL 36.8 billion.