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4.3 Industrial sectors and trade 4.3.1 PMI Production dynamics
PMI rose to 54.1 in January from 50.8 in December.
4.3.2 Corporate profits dynamics
Despite all the forbearance, Garanti Bank (GARAN) only reported a 1% y/y increase in its profit to TRY6.24bn versus official inflation of 15% in 2020 while, on a USD basis, its net income fell 19% y/y to $845mn.
Sabanci Holding (SAHOL), the second largest conglomerate in Turkey behind Koc Holding (KCHOL), reported a 2020 profit of TRY4.77bn, up from the TRY3.78bn it posted in 2019.
Akbank (AKBNK) reported a 17% y/y increase in its profit to TRY6.26bn in 2020 while, on a USD basis, its net income fell 6% y/y to $841mn.
Enerjisa (ENJSA) reported TRY1.09bn profit for 2020 versus TRY1.03bn for 2019.
Koc Holding’s (KCHOL) net profit grew 111% y/y to TRY9bn ($1.3bn) in 2020 from TRY4bn in 2019, bolstered by TRY3bn of one-off revenues.
Based on its 2019 figures, Koc accounted for 8% of Turkey’s GDP, 9% of the country’s exports and 12% of Borsa Istanbul’s market capitalisation.
Tupras (TUPRS), Turkey’s largest company by turnover, reported a TRY2.49bn ($335mn) net loss for 2020, the refiner’s first annual loss in more than two decades.
Ford Otosan (FROTO) reported an increase in its net profit to TRY4.2bn (€490mn) in 2020 from TRY1.96bn in 2019.
Erdemir’s (EREGL) net income remained flat at TRY3bn in 2020 while USD- basis profit declined 19% y/y to $472mn.
Turkcell reported a 31% y/y increase in its net profit in 2020 to TRY4.2bn. Turk Telekom (TTKOM) reported TRY3.18bn of net income for 2020, up from
TRY2.41bn in 2019.
Sisecam’s (SISE) net income in 2020 grew 9% y/y to TRY2bn versus official annual inflation of 15% while revenues rose 18% y/y to TRY21bn.
11 TURKEY Country Report March 2021 www.intellinews.com