Şişecam's first quarter performance exceeds expectations

Şişecam announced a net profit of TL 2.36 billion in the first quarter of the year, above market expectations. Announcing its first quarter 2023 financial results, Şişecam achieved a net profit of TL 2.36 billion in the first quarter of the year, above market expectations of TL 2.14 billion. The company had achieved a net profit of TL 3.57 billion in the same period of the previous year. Şişecam had achieved a net profit of TL 19.345 billion in the entire year of 2022. Şişecam's first quarter consolidated net sales were realized at TL 28.36 billion, above market expectations of TL 27.7 billion, while consolidated net sales exceeded $ 1.5 billion. Turnover increased by 67 percent in this quarter compared to the same quarter of the previous year. The chemicals and architectural glass segments continued to be the segments that contributed the most to total revenue in this quarter. The company's EBITDA was TL 5.71 billion in this quarter, above expectations of TL 4.85 billion. EBITDA had stood at TL 4.46 billion in the same quarter of the previous year. The share of international sales, which represent the sum of exports from Turkey and sales from production outside Turkey, in consolidated sales was 62 percent. Şişecam, which produced 1.3 million tons of glass in the first quarter, produced 1.1 million tons of soda ash and approximately 908 thousand tons of industrial raw materials during this period. Şişecam, which had a gross profit margin of 34 percent and a gross profit of TL 9 billion 576 million, had a consolidated Ebitda margin of 22 percent as of the end of the first quarter. As of the end of March 2023, consolidated Ebitda stood at TL 6.225 billion. In the January–March 2023 period, 1.3 million tons of glass, 1.1 million tons of soda ash, and approximately 908 thousand tons of industrial raw materials were produced in its domestic and international establishments. During this period, a total investment of 2.8 billion TL (149 million dollars) was made, while exports amounted to 275 million dollars. Şişecam, which produced 1.3 million tons of glass in the first quarter, produced 1.1 million tons of soda ash and approximately 908 thousand tons of industrial raw materials during this period. The company's total investments in the first quarter of the year were 2.8 billion TL (149 million dollars), and exports amounted to 275 million dollars.