Şişecam’s 2024 Consolidated Net Sales Reach 186 Billion TL

During this period, international sales accounted for 59 percent of total sales, while total investments reached 30 billion TL and exports amounted to 962 million USD.

Şişecam announced its financial results for 2024. In this period, consolidated net sales reached 186 billion TL. International sales, representing the sum of exports from Türkiye and sales from production facilities outside Türkiye, accounted for 59 percent of total sales. Total investment in 2024 reached 30 billion TL, while exports amounted to 962 million USD. During this period, Şişecam produced 5.6 million tons of glass, 4.6 million tons of soda ash, and 3.8 million tons of industrial raw materials.

Şişecam CEO Görkem Elverici made the following statement regarding the financial results:

“The global economy navigated a complex landscape characterized by inflationary pressures, high interest rates, tight monetary policies, fluctuating energy prices, and geopolitical tensions. Low growth in China, delayed recovery from Europe’s energy crisis, and election uncertainty in many countries, especially in the USA have posed significant challenges. Another significant issue putting pressure on export-focused organizations like ours, which operate across multiple geographies, was the misalignment between exchange rates and inflation in Türkiye.

Considering how this difference affects our competitiveness both in export markets and against imports in the domestic market, we have updated our strategic plans and budgets to maintain Şişecam’s competitive edge. We anticipate that the measures we have implemented will start delivering positive results from 2025 onward. Given the current low point in the economic cycle, we believe a cautious, yet opportunity-driven approach is essential. We are actively managing risks and costs to navigate current challenges, while also working diligently to prepare for an eventual market recovery. Meanwhile, we are actively advancing our long-term strategies in a controlled and realistic manner.

We recognize the importance and value of maintaining control

One of Şişecam's key moves in 2024 was becoming the sole owner of its natural soda ash investment in the US, the Pacific Project. In addition, we became the majority shareholder in our operational facility in Wyoming. Today, Şişecam ranks among the top 3 soda ash producers globally. Once the Pacific Project is completed, it will significantly strengthen our position as a leader in the industry. 

We have maintained full control over our operations in Russia, where we are either the sole owner or the primary partner in all our ventures. Despite the geopolitical uncertainties of 2024, our operations in Russia have demonstrated stable performance. We continue to manage these operations with a strategic focus on mitigating the impact of regional geopolitical fluctuations.

We remain committed to investing in strategic priorities such as digitalization and innovative product development to achieve our growth targets. Our increased stake in the ICRON partnership will enhance our capabilities in data-driven decision-making and operational excellence. Through the 'Plant of the Future' platform, launched in 2024, we aim to combine Şişecam’s expertise with the capabilities of suppliers and technology providers to drive innovative solutions for the glass industry.

In line with our strategy of growth through a lean structure and future readiness, we had made a significant move in 2020 by unifying all our operations under the 'One Şişecam' initiative. This marked a historic turning point in our long-term strategies and global competitive positioning. Building on this, we successfully completed our company-wide technological transformation and operational model transition across all regions by the end of 2024. We anticipate these critical steps will yield substantial strategic and operational benefits.

We are taking steps to increase our shareholder value

Increasing shareholder value is the primary focus of Şişecam. The priority for the first half of 2025, Şişecam’s 90th anniversary, is to optimize our cost and expense structure, carefully manage our investment expenditures, and establish a solid foundation for our cash flow. We continue to make all decisions in line with these priorities. Due to the underperformance of our sales in the European flat glass market over the past two years, we have decided to bring forward the cold repair of the furnace at our Northern Italy Flat Glass Plant in San Giorgio di Nogaro. As shared with the public and our investors, we expect the decision to generate a positive contribution of approximately 8-10 million EUR on the EBIT level. Additionally, we are confident that the actions we plan to implement in the coming days will also positively contribute to our performance.

In 2025 we will continue to take the necessary steps swiftly and decisively to manage the challenges of the period and create value for our shareholders. At the same time, we will not deviate from our long-term strong growth targets and will continue to take measured, realistic, and determined steps towards our goals."