The rapid recovery in the economy has also blown up Turkey’s giant companies. The net profit of the companies in the BIST-30 Index increased by 92% to 108 billion. Industrialists’ profits grew by 360% and their turnover by 65%.
In 2020, when the pandemic destroyed the world economy, Turkey, one of the countries with rare growth success, reflected this performance in 2021, breaking turnover and profit records for companies. The companies of the industrial sector, which is the locomotive of the economy that grew by 21.7% in the first quarter and whose investment appetite has reached its peak in 10 years, has achieved profits in the stock market well above the expectations of the investors.
₺395.9 MILLION PROFIT PER DAY
The net profit of 29 companies included in the BIST-30 Index, which includes Turkey’s largest companies, and that has announced their balance sheets so far, which was ₺56.2 billion in the 9-month period of 2020, increased by 92.32% in the same period of this year to ₺108 billion 173 million. In the first 9 months of the year, the aforementioned 29 companies recorded an average daily net profit of ₺395.9 million, an hourly average net profit of ₺16.5 million, and a profit per minute of ₺275 thousand. While six companies announced losses in the 9-month period of last year, one made a loss this year.
REAL SECTOR FULL SPEED
The industrial sector, which was the locomotive of the growth in the second quarter of the year with the record in exports, the revival of domestic demand and investment appetite with the end of the closures, continued at full speed in the third quarter. Industrial companies included in the BIST-30 Index increased their net profits by 360% compared to the 9-month period of the previous year, from ₺12.7 billion to ₺55.9 billion. The turnover of these companies increased by 65% and jumped from ₺297.2 billion to ₺488.9 billion. Turkey’s giant industrial companies achieved an average of ₺1.8 billion sales revenue per day in the first 9 months of the year. The industrial sector, which contributed 7.5 points to the 21.7% growth in the second quarter of the year, is expected to continue this performance in the third quarter as well.
HIGHEST PROFIT FROM ERDEMIR
The company that achieved the highest profit in the first 9 months of the year was Eregli Demir Celik (Erdemir), which overtook banks and holdings. Erdemir increased its 9-month profit by 645% compared to the same period of the previous year, from ₺1 billion 449 million to ₺10.8 billion. Erdemir increased its sales revenues by 96.3% to ₺43.1 billion. After Erdemir, the second company with the highest profit was Koc Holding. Koc’s net profit increased by 39% to ₺9.4 billion. Garanti Bank ranked third with ₺9.1 billion, Akbank ranked fourth with ₺7.3 billion, and Isbank ranked fifth with ₺7.1 billion. Petkim achieved the highest profit increase among giants. Petkim increased its net profit by 823% from ₺425 million to ₺3.9 billion. Petkim’s sales revenues increased by 138% and reached ₺19.2 billion. Tekfen ranked second in profit growth with 812%. Turkish Airlines, which lost ₺5.2 billion in the first 9 months of last year, has made a profit of ₺6.2 billion in the same period of this year. In addition to THY, Tupras, Kardemir, Sasa and TAV were also companies that made a profit from loss.
The companies in the retail sector, for which the REKABET Agency fined ₺2.7 billion on the grounds of cartelization, also grew rapidly in the 9-month period. BIM increased its net profit by 28.7% to ₺2.3 billion, and Sok increased by 188% to ₺314.4 million. Migros, which lost ₺278.2 million in the 9-month period of the previous year, reached a net profit of ₺367.2 million in the same period of this year. Carrefoursa, on the other hand, announced a loss of ₺311.9 million. While BIM increased its turnover by 24% to ₺50.1 billion, Migros increased its sales revenues by 24% to ₺25.9 billion. While Sok’s turnover was ₺20.4 billion with a 33% growth, Carrefoursa’s sales revenue was ₺6.6 billion with an increase of 17%.
Source: Sabah / Translated by Irem Yildiz