Page 97 - TURKRptSept19

Akbank disappoints. Sabanci’s net income declined by 23% y/y to TRY889mn in Q2. Energy and insurance operations made the largest contributions to the Q2 profit, but the quarterly performance of the group’s Akbank was disappointing. In H1, revenues of the conglomerate rose 24% y/y to TRY30.4bn, but net income dropped 12% y/y to TRY1.95bn. Assets of Sabanci Holding stood at TRY394bn as of end-June, up from TRY372bn a year ago. In Q1, Sabanci’s profit came in flat at TRY1.06bn.
● Kordsa
Kordsa’s net profit rose to TRY98.2mn in Q2 from TRY74.7mn a year ago. Market expected a net profit of TRY93mn in the quarter. In H1, net profit rose to TRY191mn from TRY136mn a year ago.
● Sisecam
Glassmaker Sisecam’s net profit declined by 26% y/y to TRY480mn in Q2
while revenues rose by 27% y/y to TRY4.69bn. The market expected a net profit of TRY454mn in the quarter. In H1, net profit declined by 11% y/y to TRY928mn while revenues rose by 27% y/y to TRY8.6bn.
Glassmaker Anadolu Cam’s net profit declined to TRY155mn in Q2 from TRY166mn a year ago but rose to TRY257mn in H1 from TRY229mn.
Trakya Cam’s net profit declined to TRY171mn in Q1 from TRY292mn a year ago. Market expected TRY161mn profit in the quarter. In H1, net profit declined to TRY321mn from TRY499mn a year ago. Consolidated revenues rose by 31% y/y to TRY1.73bn in Q2, in line with the market expectation of TRY1.72bn. Consolidated EBITDA rose to TRY299mn in Q2 from TRY294mn a year ago, below the market expectation of TRY306mn, while EBITDA margin declined to 17% from 22%.
Soda Sanayii’s net profit declined by 10% y/y to TRY376mn in Q2. ● Others
Kazakhstan’s state-run investment promotion company Kazakh Invest and Turkey’s Calik Holding have discussed the possibility of cooperation in Kazakhstan textile industry. The discussions were held during the first Caspian Economic Forum held in Turkmenbashi. The Turkish company’s subsidiary Gap Pazarlama has production facilities in Turkmenistan, Kazakhstan’s regional neighbour.
Aselsan, Turkey’s largest defence company, on August 5 announced that it has signed a contract to acquire a 50% stake in Havelsan Ehsim Hava Elektronik Harp Sistemleri. In a filing with the stock exchange, Aselsan said that it bought a 49% stake in Ehsim from individual shareholders and another 1% from the company. The company did not provide the financial details of the transaction. Founded in 1998, Ehsim produces electronic warfare, tactical command and control systems. It has around 90 employees, according to the company’s website. The Defence News Top 100 list, released last month, ranks Aselsan as one of the world’s major defence companies. The company ranked 52nd in the list, up from the 55th position it held last year, with $1.8bn in revenue. The product range of Aselsan, owned by the Turkish Armed Forces Foundation, includes communication and information technologies, radar and electronic warfare systems, avionics, unmanned systems, land, naval and weapon systems, air defence and missile systems and command and control systems. One-quarter of the shares in the company are traded on the Istanbul stock exchange.
Aselsan has announced an amendment to the Modular Security Systems Project agreement signed back in 2013 with Turkey’s Presidency of Defense Industries. “Within the context of this amendment; additional ‘Security System’ order [amounting to] TRY625mn (€102mn) was placed with Aselsan,” the
97 TURKEY Country Report September 2019 www.intellinews.com