Sisecam Posts Half Year Financials, Sees Year Over Year Growth
Sisecam posted its half year financial report, showing growth since the pandemic started.
Year over Year numbers
45 percent increase
76 percent increase
Architectural Glass segment revenue
98 percent increase
“Second quarter of 2021 have brought some relief with positive news flow from a global macroeconomic standpoint and seeded hope for a brisk recovery especially in developed markets,” says M. Görkem Elverici, CEO of Şişecam.
“While continuously monitoring the trends and the developments that are currently being unfolded in a fast and sharp manner as an aftershock of the pandemic, we are positioning our operations accordingly. ... We wholeheartedly believe that ‘the old way of doing business won’t fit the new’ and even though we are willing and targeting solely to proact, we cannot go beyond reacting to the new rules put in place by the changing environment unless we transform ourselves.
“At the heart of an era where new ways of doing business have been emerging as knock-on effects of all the disruptions and economic hardship of Covid-19 and its aftershocks, we continued to reshape our operations and to take the required decisions with increased agility to meet the boosted demand. .... Having foreseen and acknowledged that technological advancement is the only way to unlock the potential of more efficient and sustainable industrial developments, we carried on with our commitment to Şişecam digitalization projects.
Looking at our quarterly results, we are delighted to see that we have outperformed not only the previous quarter or the same period of 2020 but also our second quarter 2019 results. Compared with half year 2019 financials, we increased our topline by half and almost doubled up our EBITDA as at the end of June 2021.
Amidst logistics shortages, supply chain disruptions, macro-economic challenges and ongoing pandemic-related concerns, we worked hard to satisfy the unmet demand in our local and international markets. In the meantime, we have completed the evaluation phases of a new investment; a two-furnace Greenfield Glass Production investment in Hungary to be fully operational in 2025. We also announced our intention to increase Şişecam Flat Glass production capacity located in Turkey by 25 percent through investing in two new float lines and a production capacity addition.”