Page 85 - TURKRptSept19

9.2.5 Retail corporate news
● BIM
Turkey’s largest retailer BIM increased its net profit by 18% y/y to Turkish lira (TRY) 347mn in Q2, the company said on August 8 in a stock exchange filing. The hard-discount chain’s earnings per share increased to TRY1.16 in the quarter from TRY0.97 in the second quarter of 2018. Revenues rose by 31% y/y to TRY10.2bn in the second quarter. Ebitda grew 92% y/y to TRY847mn in the quarter, the company added in an investor presentation. The average market estimate for the Q2 net profit stood at TRY306mn, while the forecasts for revenues and Ebitda were TRY10.2bn and TRY739mn, respectively, Seker Invest said on August 7 in its daily bulletin. Without the IFRS16 impact, Q2 net income rose by 37% y/y to TRY402mn, with a net income margin of 3.9%, while Ebitda increased 34% y/y to TRY594mn, with an Ebitda margin of 5.8%. In H1, net profit rose to TRY562mn from TRY528mn a year ago while earnings per share increased to TRY1.88 from TRY0.97. Revenues rose by 31% y/y to TRY19.3bn in H1 from TRY14.8bn a year ago.
BIM had a total of 7,970 stores at end-June, including 467 stores in Morocco and 304 stores in Egypt. It is targeting the opening of 492 new stores in 2019. Revenues from foreign stores rose to TRY1.1bn in the first half from TRY689mn a year ago while Ebitda (with IFRS16) turned to a positive TRY68mn from a loss of TRY7mn a year ago.
BIM would issue a total of TRY304mn worth of bonus shares and distribute TRY729mn worth of cash dividends from its 2018 profit,
85 TURKEY Country Report September 2019 www.intellinews.com