Page 27 - TURKRptDec21

4.3.2 Corporate profit dynamics
Given that Turkey has entered into a hyperinflationary process, the USD-denominated figures would be more helpful in evaluating Borsa Istanbul companies’ financials in the period ahead. USD inflation is also on the rise and it, particularly producer price inflation, has gone beyond negligible levels.
Tupras (TUPRS) reported a net profit of TRY1.93bn for January-September versus a net loss of TRY2.87bn a year ago.
Turkish Airlines (THYAO) reported TRY6.2bn net profit for January-September versus a net loss of TRY946mn a year ago. Turkish Airlines ended 2020 with a net loss of TRY6bn, compared to a net profit of TRY5bn in 2019. Its revenues dropped to TRY46bn in 2020, down from TRY75bn in 2019.
Last year, THY served 28mn passengers, compared to 74.3mn in 2019. It flew around 31mn passengers from January through September of this year, it said.
The airline flies to 333 destinations in 128 countries.
Major Borsa Istanbul Companies Q3 2021 Financials
USDmn
Sector
Market Value
Sales (9mn)
y/y
Profit (9m)
y/y
Profit (Q3)
y/y
P/B
QNBFB
QNB Finansbank
Bank
12,666
266
12%
108
47%
5.7
FROTO
Ford Otosan
Automotive
7,306
5,138
39%
530
80%
213
21%
8.0
EREGL
Eregli / Erdemir
Steel
7,002
4,846
70%
1,216
547%
563
647%
1.3
KCHOL
Koc Holding
Holding
6,781
25,164
54%
1,060
21%
462
55%
1.2
ENKAI
Enka Insaat
Holding
6,369
1,815
68%
487
50%
129
20%
1.0
GARAN
Garanti BBBVA
Bank
4,529
1,024
54%
410
67%
0.6
ISDMR
Isdemir
Steel
4,318
2,814
88%
689
397%
338
559%
1.5
BIMAS
BIM
Retail
4,062
5,640
8%
258
12%
99
17%
5.9
ASELS
Aselsan
Arm
3,997
1,158
6%
353
-9%
68
-54%
1.9
TUPRS
Tupras
Oil
3,905
10,635
90%
217
-
111
-
2.8
KENT
Kent Gida
Food
3,863
145
20%
12
-20%
1
-87%
41.6
TCELL
Turkcell
Telecom
3,735
2,816
5%
410
8%
161
2%
1.7
SASA
Sasa Polyester
Textile
3,673
1,002
150%
158
-
86
-
8.9
KLNMA
Development Bank
Bank
3,343
74
69%
28
46%
7.8
AKBNK
Akbank
Bank
3,339
826
44%
361
83%
0.5
TOASO
Tofas
Automotive
3,113
2,206
19%
232
57%
65
-1%
6.1
TTKOM
Turk Telekom
Telecom
3,064
2,747
3%
526
96%
231
312%
2.0
SISE
Sisecam
Glass
2,900
2,365
25%
461
155%
152
36%
1.1
ISCTR
Isbank
Bank
2,853
2,836
-4%
793
18%
338
21%
0.4
YKBNK
Yapi Kredi
Bank
2,660
780
40%
365
52%
0.5
SAHOL
Sabanci
Holding
2,624
6,636
20%
772
55%
382
83%
0.6
THYAO
Turkish Airlines
Airline
2,554
6,810
62%
701
-
708
-
0.4
ARCLK
Arcelik
White goods
2,507
5,139
44%
256
17%
73
-45%
1.7
CCOLA
Coca Cola Icecek
Beverages
2,367
1,842
27%
230
35%
103
-5%
2.3
GUBRF
Gubretas
Fertilizer
2,338
700
40%
35
74%
6
42%
12.6
PETKM
Petkim
Petro-chemicals
1,875
2,157
107%
441
702%
192
409%
1.6
27 TURKEY Country Report December 2021 www.intellinews.com