SiSecam Increases Net Profit by 83 Percent in First Half of Year

SiSecam Group, a global manufacturer of flat glass and other glass products based in Turkey, announced $1.6 billion consolidated net sales for the first half of 2014. It increased its net profit by 83 percent in that span, reaching $136 million.

The share of international sales, which represent the exports from Turkey and the sales from overseas production, was 51 percent from January-June. In the first half of 2014, the group produced a total of 1.8 million tons of glass.

“Our gross profit margin was 28 percent and gross profit was $444 million,” says Dr. Ahmet K?rman, vice chairman and CEO of ?i?ecam Group. “Our EBITDA margin continued to improve during the first half of the year and we achieved a consolidated EBITDA volume of $335 million, which is 60 percent higher than last year’s level for the same period. Compared to the same period of the last year, total net profits increased by 83 percent, and the parent company’s share in net profits increased by 69 percent, reaching $136 million and $125 million, respectively.

“SiSecam made an investment spending of $314 million in the first half of the year. The high amount of liquid resources that we have is an advantage in the financing of investments. Our aim is to further strengthen our financial structure so that the Group can maintain its continuous growth and we can be supported in our growth efforts in the future. We constantly assess the necessary policies required to achieve our goals while taking the circumstances of the global economy into consideration.”