Page 33 - TURKRptDec19

The company also reported that its net debt moved up 1.4% on an annual basis to TRY11.5bn as of end-September.
The government’s decision to hike electricity prices by 15% in October should be a boost for Enerjisa’s income going forward.
Enerjisa invested TRY829mn in its distribution network in the first nine months of the year, down from TRY1.25bn a year ago.
Its retail sales dropped 2.7% y/y to 25.1TWh while in the corporate segment sales volume inched up 0.1% y/y to 2.4TWh.
For January-September, the company reported net income of TRY790mn versus TRY764mn a year ago. Revenues amounted to TRY14.6bn, up from TRY12.5bn.
Istanbul-based Coca Cola Icecek, the sixth-largest anchor bottler in the Coca-Cola System in terms of sales volume, has reported third-quarter net income of Turkish lira (TRY) 557mn (€87mn), with profitability leaping from just TRY29mn recorded for the same period a year ago​. Revenues increased to TRY3.9bn from TRY3.7bn while gross profit rose from TRY1.26bn to TRY1.36bn.
Coca Cola Icecek covers the markets in Turkey, Pakistan, Kazakhstan, Azerbaijan, Kyrgyzstan, Turkmenistan, Jordan, Iraq, Syria and Tajikistan.
From its Turkey operations, the company collected TRY1.9bn in revenues. International operations generated another TRY2bn.
The company was faced by strong headwinds in key markets, primarily in Pakistan and Iraq.
In a filing with Borsa Istanbul, the company stressed that political unrest in Iraq has been putting pressure on its operations since the beginning of the fourth quarter.
Consequently, Coca Cola Icecek now expects a low single-digit decline in international operations against its initial forecast for 2% to 4% growth this year.
It revised downwards its expected net revenue growth from 16-18% to 10-12%.
Aselsan, Turkey’s largest defence company, is on course to close 2019 with $2.9bn in revenues, up from last year’s $1.87bn,​ the company’s general manager has said. In the third quarter of this year, Aselsan’s profits stood at TRY3bn, up from TRY1.93bn a year earlier.
The company’s 9-month revenues increased to TRY7.65bn from TRY5.2bn.
Turkey’s annual military spending on average was around $16bn between 2014 and 2018, which corresponded to less than 2.5% of the country’s national income, according to a presentation on Aselsan’s website.
The Turkish Armed Forces Foundation owns 74% of the company while the remaining 26% is traded on Borsa Istanbul.
Aselsan produces communications and satellite systems, radars, missile systems and military vehicles.
It has subsidiaries in Kazakhstan, South Africa, Jordan, Saudi Arabia, Macedonia, Qatar, the United Arab Emirates and Azerbaijan.
33​ TURKEY Country Report​ December 2019 ​ ​www.intellinews.com