Kardemir Karabük Demir Çelik Sanayi Ve Ticaret (KRDMD) Q4 2024 earnings summary

Executive summary

• In 2024, global crude steel production declined by 0.9% year-over-year to 1.84 billion tonnes, while Türkiye's output rose 9.4% to 36.9 Mt, maintaining its position as the 8th largest producer globally.

• The company is the only rail and railway wheel producer in Türkiye and ranks 26th among Turkish industrial enterprises by ISO500.

• Consolidated financial statements for the year ended 31 December 2024 were audited and found to present fairly the financial position and performance in accordance with Turkish Financial Reporting Standards (TFRS).

• The main operations are manufacturing and sales of iron, steel, coke, and by-products, with all shares publicly traded on Borsa Istanbul.

Financial highlights

• Revenue for 2024 was 56.5 billion TRY, down from 74.5 billion TRY in 2023.

• Net loss for 2024 was 3.03 billion TRY, compared to a net profit of 2.29 billion TRY in 2023.

• EBITDA for 2024 was 4.31 billion TRY, with an EBITDA margin of 7.6%, up from 6.4% in 2023.

• Gross profit margin improved to 5.4% from 4.2% year-over-year.

• Earnings per share for 2024 was -0.2677 TRY, compared to 0.2019 TRY in 2023.

Outlook and guidance

• Ongoing investments include vacuum degassing, a new continuous casting machine, environmental projects, and R&D initiatives.

• Financial statements are prepared on a going concern basis, with management expecting to continue operations and fulfill obligations in the coming year.