Şişecam Announces Financial Results

Şişecam Financial Results Announced According to Şişecam's 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 reached TRY 5 billion and exports reached USD 871 million. Şişecam Chief Executive Officer Görkem Elverici stated: "Despite the macroeconomic and geopolitical fluctuations prevailing both globally and in Turkey, 2022 is proving to be a year in which Şişecam continues to advance successfully towards its targets through its transformation capabilities and sustainable value-creating investments and practices, despite all the challenges involved. By harmonizing our 87 years of experience with our transformation power, we continued to create value for all our stakeholders through both financial and operational successes in the first nine months of 2022. 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.

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 amounted to 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. Over nine months, we achieved production of 4.3 million tons of glass, 3.6 million tons of soda ash and 3.4 million tons 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 through our production capacity and our 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, which we manage with collective wisdom." Noting that Şişecam implemented significant investments in the first nine months of the year, Elverici provided the following information about the investments: "We are working on completing a frosted glass furnace with annual capacity of 180,000 tons and an energy glass processing line with annual capacity of 20 million square meters at Tarsus Organized Industrial Zone, with an investment worth EUR 185 million including working capital, which we announced in July. With this new investment, we aim to address potential supply shortages in the energy glass sector and contribute to the economy by capitalizing on export opportunities." Elverici emphasized that despite growing global energy supply concerns, Şişecam has the capability to continue production with alternative energy sources at its own production facilities. "In parallel with rising recession expectations globally, industrial customers are acting more cautiously during this period. The balancing being seen in the glass industry is causing many companies in our sector to accelerate what is called cold repair processes. During such a period, Şişecam is focused on continuing our growth without interrupting production, and we are continuing our work in a way that will not change our 2022 plans through our effective cost control and risk management capabilities," he said. Elverici added: "We have the necessary instruments and capabilities to manage the complexities brought about by different regulations and economic conditions in different geographies and to maintain our operations uninterrupted. As we have repeatedly demonstrated before, we will take the necessary measures and actions to emerge from this period even stronger. For us, glass is not the product of this year but of this age, and therefore our investments will continue despite the difficult period we are going through."   Expressing that they act with awareness of the importance of sustainability for future generations and shape their investments accordingly, Elverici stated: "In our growth journey, we prioritize creating value for our entire ecosystem at every step without leaving any stakeholder behind. We believe that growth and development can 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 one of the world's top three

  Elverici noted that the ongoing investment processes are proceeding in a healthy manner and said that through Şişecam's inclusive perspective and management approach, they have 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 carrying out share buybacks to protect our investors. Knowing that success is only sustainable to the extent that it is inclusive, we continue to support all our stakeholders against difficult conditions," said Elverici, emphasizing that they are moving closer every day to the goal of becoming one of the world's three largest producers in their main areas of operation.   "Our nine-month financial results also prove that we are successfully delivering on our transformation journey. As we approach our year-end targets step by step, we will continue to grow in a fast, determined and selective manner with our production facilities across 4 continents in 14 countries and our new investments contributing to our sustainable growth journey," said Elverici. Pointing out the contribution of nearly 24,000 employees across 4 continents to growth success in a time of accelerating change and transformation, Elverici stated that smart technologies and competent human resources are shaping Şişecam's future.   Şişecam's sustainability activities were also highlighted by Elverici, who said: "We conduct all our activities in line with our goal of creating sustainable value. As we work toward our targets, we focus on continuously improving the harmony of our strategic objectives with Planet, Society and Life at every step we take. Our 2030 sustainability strategy Care For Next serves as a roadmap guiding us on this path."