Kimpur announces 2023 financial results

Kimpur shared its financial results for 2023. According to the shared data, Kimpur increased its sales volumes by 36% in 2023 with strong growth. Kimpur, among the strong players in the polyurethane sector, disclosed its 2023 financial results on the Public Disclosure Platform (KAP). According to the data, the company increased its sales by 36% and raised them from 105 thousand tonnes to 142 thousand tonnes. The company generated TRY 10.632 billion in consolidated revenue in 2023. Domestic sales increased by 44% According to the disclosed financial statements, Kimpur's export and export-registered sales volume rose from 33 thousand tonnes to 38.8 thousand tonnes, while domestic sales increased by 44%, rising from 71 thousand tonnes to 103.2 thousand tonnes. The company's 2023 gross profit was recorded at TRY 1.795 billion, and its Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) rose to TRY 1.721 billion. Kimpur's 2023 net profit was recorded at TRY 608 million, and according to results prior to inflation accounting, the profit figure reached TRY 1.098 billion with an 83.8% increase. Kimpur had a successful year in terms of balance sheet management. Net financial debt, which stood at TRY 957 million at the end of 2022, declined by 22.4% to TRY 742 million. The net financial debt/EBITDA ratio was reduced to 0.43 at the end of 2023. Reached TRY 1.646 billion in operating profit Kimpur achieved TRY 1.646 billion in operating profit in 2023. According to results prior to inflation accounting (TMS 29), 2023 core operating profit increased by 82%, rising from TRY 742 million to TRY 1.350 billion. "We achieved record-level sales of a total of 142 thousand tonnes" Cavidan Karaca, CEO of Kimpur, assessed the company's 2023 performance and financial results. Karaca stated, "Last year we celebrated our 40 years of experience. We take justified pride in serving more than 600 customers in more than 50 countries across 5 continents. Together with our valued 306 employees, we continue to grow year after year. Considering that our production facility in Gebze does not meet our growth targets, we decided to establish our second production facility in Turkey in Düzce. Together with our companies in Russia, Latvia and Malta that we established in Europe, with our 25 thousand tonne capacity European facility, our 141 thousand tonne capacity Gebze facility, and our Düzce production facility that will reach 65 thousand tonne capacity, we continue to be the leader in the region by increasing our total capacity above 230 thousand tonnes. We put solar power plants into operation at our Gebze and Düzce facilities, reducing energy costs in production and strengthening our competitive position in export and domestic markets. We increased our exports by 17% compared to the previous year and exported to more than 50 countries. At the same time, we achieved a strong growth momentum of 36% in total sales volume, reaching record-level sales of a total of 142 thousand tonnes," he said. Expanded export country portfolios Noting that they have created solid foundations for new international business partnerships, Karaca stated, "We took important steps to increase our activity in these important markets by establishing subsidiary companies in the United States, Germany and England, and expanded our export country portfolio. We reinforce our environmental responsibility through our investments in renewable energy and our recycling facility. For the coming year and beyond, we aim to maintain our leadership in the sector with our approach to innovation and excellence."