Baku Steel Company (BSC) has achieved significant success in a number of areas in the past nine months of 2021, despite the negative effects of the coronavirus pandemic. These successes are reflected in production and financial indicators.
Compared to the corresponding period of 2020, there was a significant increase in both production and sales of products at BSC. Thus, steel production rose by 15%, armature by 4%, steel wire by 40%, and pipe by 14%.
Sales revenues in January-September 2020 amounted to AZN 134,499,671 (excluding VAT) and in the corresponding period of 2021 - AZN 206,662,36 (excluding VAT), growing by 54%.
At the same time, Baku Steel Company's profit, profit margin, net profit, as well as EBITDA (earnings before interest, taxes, depreciation, and amortization) increased.
While BSC ended the same period last year with about AZN 475,669 in EBITDA, in 2021, this figure rose more than 138 times to AZN 65,839,488. In the first nine months of last year, EBITDA was 0.35% of total sales, but this year it has risen sharply to 31.85%. During the reporting period, the company's total profit is up AZN 68,137,278 compared to the same period last year. In other words, the company ended January-September 2021 with AZN 55,675,110 in profit, while it ended the previous year with a loss of AZN 12,462,168. At the same time, the company's free funds were raised due to gains.
These and other indicators were achieved as a result of optimal management of the assets of Baku Steel Company.
BSC management is currently working on new ideas and significant projects to make the company more successful.
The positive dynamics began to be observed in the company's activities after the management of the Baku Steel Company was reformed in February 2021.