Şişecam CEO Görkem Elverici told attendees at the 87th Ordinary General Assembly that the company’s adaptability in 2022 allowed it to better weather global economic crises. The annual meeting brought together senior management and shareholders to discuss the company’s financial and operational achievements in 2022.
“During 2022, we created further value for our investors and stakeholders,” Elverici said. “While the Borsa Istanbul 100 index increased by 197% in 2022, Şişecam shares rose by 227% for the year. Robust demand in our core business sectors, access to global markets, balanced operating portfolio structure, strong balance sheet, new investment decisions and management approach that boosts stakeholder value were instrumental in Şişecam shares outperforming the BIST-100 index in 2022.”
According to Şişecam’s 2022 figures, it produced 5.8 million tons of glass, 4.9 million tons of soda ash and 4.4 million tons of industrial raw materials. It also had consolidated net sales of $5.8 billion*, total investments of $470 million*, and a net profit of $1.2 billion*, while international sales accounted for 63% of total sales.
Company investments in 2022 included the acquisition of Refel, an Italian refractory manufacturer, the groundbreaking of its first investment in glass packaging in Europe, and an additional patterned glass furnace and operating line investment in Mersin, Turkey.
“Şişecam is progressing toward its global goals and executing its strategies,” Elverici said. “We always check the pulse of the local and manage our operations in every territory while considering the risks and needs of the region. With its data and digitally based investments in particular, Şişecam is always agile and able to adapt to ever-changing needs.”
Şişecam Signals Interest in California Port Investment
Şişecam officials announced the company plans to invest in a California port to meet logistical needs for its natural soda ash investments in the U.S. The port investment will be a collaboration with Ciner Group. Şişecam Chemical USA will become a 50% shareholder of Denmar US LLC., which will operate the Stockton Port Management Project.
The Stockton Port investment is scheduled to start operations in 2027, along with Şişecam’s natural soda ash investment in the U.S., which is planned to be gradually commissioned by 2028.
“Natural soda ash production is one of Şişecam’s most profitable business areas,” Elverici said. “We are planning a gradual commissioning of the 5-million-ton annual capacity of natural soda from the Pacific Project, which is currently underway and on schedule for completion gradually by 2028. At that time, the total production capacity of the Şişecam-Ciner partnership in the U.S. will climb to 7.5 million tons per year.”
*Financial data has been converted to USD from Turkish Lira.