Page 25 - TURKRptNov19
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            4.3.2 ​Corporate profits dynamics
           Net
                                   Market
    Sales
    y/y
    EBITDA
    y/y
    Profit
    y/y
 Profit
      y/y
                Value
    9-mo
    %
    9-mo
    %
    9-mo
    %
 Q3
      %
    P/E
   P/B
   Garanti BBVA
      39
    14
    8
    -
    -
    4.9
    -11
 1.304
      -22
    6.44
   0.75
   Akbank
      36
    11
    5
    -
    -
    4.1
    -12
 1.397
      5
    6.99
   0.7
   Turkcell
      28
    18
    19
    7.9
    16
    2.5
    115
 0.801
      232
    8.24
   1.59
   Turk Telekom
      20
    17
    16
    8.3
    30
    1.9
    -
 1.117
      -
    4.99
   2.26
   Ford Otosan
      23
    28
    19
    2.4
    17
    1.3
    6
 0.454
      28
    12.91
   4.9
   Tofas
      11
    13
    -3
    1.8
    -4
    1.0
    3
 0.298
      -4
    8.24
   2.81
   Erdemir
      23
    21
    8
    4.8
    -26
    3.1
    -21
 0.784
      -41
    4.8
   0.8
   Isdemir
      18
    13
    9
    2.8
    -32
    1.9
    -36
 0.425
      -59
    5.78
   1.16
   Arcelik
      12
    24
    21
    2.5
    36
    0.7
    20
 0.240
      -4
    12.41
   1.33
   Sisecam
      10
    13
    19
    2.8
    14
    1.4
    -34
 0.431
      -58
    6.08
   0.71
   Trakya Cam
      4
    5
    16
    0.9
    2
    0.5
    -36
 0.170
      -37
    5.41
   0.62
   Soda
      5
    3
    25
    0.7
    -1
    0.8
    -45
 0.151
      -82
    6.13
   1.02
 Anadolu Cam
  3
     3
      37
      0.8
      41
      0.4
      14
    0.171
    16
     5
     0.94
   TAV Airports
 9
  4
   26
   1.8
   38
   0.9
   -16
 0.561
  -16
  7.44
  1.43
     Source: Seker Invest
   Arcelik, one of Turkey’s largest makers of home appliances, has reported a 4.3% y/y decline in its bottom line to Turkish lira (TRY) 240.3mn (€38mn) in the third quarter​ of 2019, reflecting the impact of the country’s weak housing market and consumer sentiment.
Revenues of the company, owned by the country’s largest industrial group Koc Holding, showed a moderate rise of 7% on an annual basis to TRY8.25bn, while gross profit increased slightly to TRY2.7bn in Q3 from TRY2.5bn a year earlier.
In the first nine months of the year, total revenue rose to TRY23.6bn from TRY19.5bn, while Arcelik managed to increase its net income to TRY684mn versus TRY572mn in the same period of 2018.
The company said Turkey’s white goods market contracted as much as 12% in the third quarter while its sales dropped 1%. Arcelik had a market share of around 25% in the country’s TV set market, which saw a 22% decline in sales in the quarter.
Arcelik said it expected a 15% contraction in the local white goods market this year, revising its previous forecast for a 10% decline.
The company also revised downwards its revenue growth prediction to 20%-25% from 25%-30%.
Tofas said on October 31 its net profit for the third quarter declined by 4.2% on an annual basis​ to Turkish lira (TRY) 298mn (€47mn).
The company’s quarterly revenues declined to TRY4.2bn in July-September 2019 from TRY4.33bn a year ago while gross profit dropped to TRY550mn from TRY723mn.
For the first nine months of the year, the carmaker reported a net income of
25​ TURKEY Country Report​ November 2019 ​ ​www.intellinews.com
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