Şişecam Announces Financial Results

Şişecam Announces Financial Results According to Şişecam's consolidated financial results for the first nine months of 2022, consolidated net sales reached TRY 66.2 billion. International sales accounted for 63% of total sales during this period, while total investments amounted to TRY 5 billion and exports reached USD 871 million. Görkem Elverici, General Manager of Şişecam: "2022, a year marked by macroeconomic and geopolitical fluctuations both globally and in Turkey, continues to be a year in which Şişecam, despite all its challenges, successfully advances towards its targets through transformation capabilities and sustainable value-creating investments and practices. By blending our 87 years of experience with our transformation power, we continued to create value for all stakeholders during the first nine months of 2022 through both financial and operational successes. In an environment marked by sharp and frequent fluctuations, we pursued our growth initiatives by correctly assessing risks and opportunities and adopting a holistic development approach," he said. Şişecam's consolidated net sales for the first nine months of 2022 reached TRY 66.2 billion, while exports from Turkey totaled USD 871 million. International sales, which represent the sum of exports from Turkey and sales from production outside Turkey, accounted for 63% of consolidated sales. In the first nine months of 2022, Şişecam produced 4.3 million tonnes of glass, 3.6 million tonnes of soda ash and 3.4 million tonnes of industrial raw materials. Underscoring that 2022, marked by macroeconomic and geopolitical fluctuations both globally and in Turkey, has been a year in which Şişecam continues to advance towards its targets through transformation power and sustainable value-creating investments and practices despite all these challenges, Şişecam General Manager Görkem Elverici stated: "By combining our 87 years of experience with our transformation power, we continued to create value for all stakeholders during the first nine months of 2022 through both financial and operational successes. Our results demonstrate our strong performance."

Creating value for all stakeholders through investments

  Elverici, noting that according to Şişecam's financial results as of 30 September 2022, nine-month revenues reached TRY 66.2 billion and exports from Turkey totaled USD 871 million, continued: "International sales, which represent the sum of exports from Turkey and sales from production outside Turkey, accounted for 63% of consolidated sales. In nine months, we produced 4.3 million tonnes of glass, 3.6 million tonnes of soda ash and 3.4 million tonnes of industrial raw materials. In an environment marked by sharp and frequent fluctuations, we pursued our growth initiatives by correctly assessing risks and opportunities and adopting a holistic development approach. We took important steps that enabled us to manage the risks of the period with our production capacity and motivation to create sustainable value. In the coming period, we will continue to produce and create value for all our stakeholders through our business processes and strategic plans managed with collective wisdom." Noting that Şişecam has implemented significant investments in the first nine months of the year, Elverici provided the following information: "With an investment valued at EUR 185 million including working capital, announced in July, we are working to complete a frosted glass furnace with annual capacity of 180,000 tonnes and an energy glass processing line with annual capacity of 20 million square meters in Tarsus OSB. With this new investment, we aim to address potential supply shortages in the energy glass sector and create economic value by seizing export opportunities." Emphasizing that Şişecam has the capability to continue production with alternative energy sources at its production facilities despite rising global energy supply concerns, Elverici stated: "In parallel with rising global recession expectations, industrial customers are moving more cautiously. The rebalancing beginning to appear in the glass industry is causing many companies in our sector to advance their cold repair processes. During such a period, as Şişecam, we are focused on continuing our growth without interrupting production, and through our effective cost control and risk management capabilities, we are continuing our efforts in line with our 2022 plans without changes," he said. Elverici stated: "We possess the necessary instruments and capabilities to manage the complexities arising from different regulations and economic conditions in different geographies and to ensure uninterrupted operations. As we have proven many times before, we believe we will emerge stronger from this period by taking necessary measures and actions. For us, glass is not this year's product but this era's product; therefore, our investments will continue despite the challenging period we are going through."  

Working with all our might to create a sustainable future

  Expressing that they operate with awareness of the importance of sustainability for future generations and shape their investments accordingly, Elverici said: "On our growth journey, we prioritize creating value for our entire ecosystem without leaving any stakeholder behind and with every step we take. Because we believe that growth and development will only be sustainable to the extent that they are inclusive. We conduct all our activities with consideration for the needs of the planet, society and life."  

We will be among the world's top three

  Noting that the ongoing processes related to current investments are progressing healthily, Elverici said that Şişecam, with its inclusive perspective and management approach, has taken firm steps to protect all stakeholders from the strong winds of change occurring on a global scale. "While making decisions to protect our employees and suppliers from the macroeconomic risks of the period, we are also conducting share buybacks to protect our investors. Knowing that success becomes permanent to the extent of its inclusivity, we continue to support all our stakeholders against difficult conditions," said Elverici, emphasizing that they are getting closer every day to their goal of becoming one of the world's three largest producers in their main areas of activity. "Our nine-month financial results prove that we are successfully reaping the results of our transformation journey. As we approach our year-end targets step by step, with our production facilities on 4 continents in 14 countries and our new investments contributing to our sustainable growth journey, we will continue to grow in a rapid, determined and selective manner," said Elverici. He highlighted the contribution of nearly 24,000 employees across 4 continents to growth achievements in a period when change and transformation are accelerating with quick and correct moves, noting that intelligent technologies and skilled human resources are shaping Şişecam's future. Underlining Şişecam's sustainability activities, Elverici stated: "We conduct all our activities toward the goal of creating sustainable value. As we advance toward our targets, we focus on continuously developing the harmony of our strategic objectives with Planet, People and Life with every step we take. Our 2030 sustainability strategy, Care For Next, serves as a roadmap guiding us on this path."