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according to an approval given by the company’s general assembly on May 21. TRY2.4 worth of gross dividend per share and TRY2.04 worth of net dividend per share would be distributed. Cash dividends were to be paid in two equal instalments. TRY1.2 per share in gross worth of the first payment was delivered on June 12. The second gross dividend payment worth TRY1.2 per share would be delivered on November 18. However, the company issued on July 24 100%-bonus shares per share and it said on July 26 in a stock exchange filing that it would pay on November 18 TRY0.51 worth of net dividends per share on November 18.
In 2014, BIM pledged to distribute a minimum 30% of its distributable profits in upcoming years. BIM’s average cash dividend yield for the 9-year period between 2010 and 2017 stood at 1.61%, according to Seker Invest’s calculations.
● Migros
Migros’ net loss declined by 49% y/y to TRY151mn in Q2 while revenues rose by 28% y/y to TRY5.8bn. In H1, the company posted a turnover of TRY10.7bn and a net loss of TRY381mn. Migros’ gross debt stood at €460mn at end-July and FX-denominated debt is the main reason behind net losses.
Migros revised up its turnover growth target for 2019 to 23-25% from a previous 20% and its EBITDA margin target to 6-6.5% from a previous 6%. The company targets to open 100 new stores in total this year.
● Others
Profilo AVM in Istanbul, one of Turkey’s oldest shopping centres, has been put up for sale for TRY425mn (around €69mn). The shopping centre was launched back in 1998 by veteran businessman Jak Kamhi, one of the co- owners of the Turkish conglomerate Profilo. Over the years, Profilo Shopping Centre, located in the Mecidikekoy district in the heart of Istanbul, failed to compete with other, more spacious malls. As a result, the number of visitors to the mall has declined and some stores at Profio closed. As the shopping mall has lost its popularity, the owner of the facility turned some of the floors into offices to generate revenue. 71% of the stores at Profilo are occupied at present.
When Profilo opened its doors to consumers two decades ago, Turkey had only four shopping centres. Today, there are some 120 shopping malls in Istanbul alone. Turkey’s largest city is expected to have more than 130 such venues by the end of next year.
The turnover of Turkey’s 430-plus shopping centres increased by 19.2% on an annual basis in June, a recent survey showed. Considering the fact that the annual inflation rate was recorded at 15% in the month, the real increase in turnover was only around 4%. According to the same survey, the number of visits paid to the shopping centres declined by 5.5% y/y in June.
Between 2002 and 2018 over $50bn has been invested in shopping centres in Turkey.
9.2.6 Agriculture corporate news
Coca Cola Icecek’s net profit jumped to TRY411mn in Q2 from TRY185mn a year ago, beating the market estimate of TRY343mn. 25% y/y sales growth to TRY3.89bn in the quarter was in line with the market expectation of TRY3.81bn, Atasav Can Tuglu of Seker Invest said on August 8 in a research note.
86 TURKEY Country Report September 2019 www.intellinews.com