Page 16 - TURKRptMar20

4.3.2 ​Corporate profits dynamics
Major Borsa Istanbul Companies 2019 Financials
TRYmn
Koc Holding
Tupras Yapi Kredi Bank Ford Otosan Tofas Arcelik Sabanci Holding Akbank Enerjisa
Garanti BBVA Isbank
Sisecam Soda Sanayii Trakya Cam
Vakifbank Halkbank Aselsan Turkcell
Turk Telekom Erdemir Isdemir
TAV Airports Logo Yazılım
Value 2019 y/y 2019 % 47,929 152,907 7% 10,696 -21%
2019 4,391 526 3,600 1,959 1,482 925 3,780 5,417 1,034 6,159 6,067 1,905 1,109 750 2,802 1,720 3,340 3,246 2,407 3,317 2,155 2,369 86
% P/E P/B 1,110 -35% 10.91 1.32 186 -89% 52.86 2.14 263 -76% 6.05 0.53 617 50% 13.90 5.84 450 38% 8.75 2.99 240 -14% 14.13 1.35 881 105% 5.07 0.58 1,330 27% 7.23 0.72 244 - 9.34 1.41 1,222 15% 7.32 0.84 2,310 5% 4.67 0.48 546 154% 6.10 0.79 297 264% 5.64 1.09 259 43% 6.00 0.70 1,280 23% 5.19 0.44 797 152% 4.80 0.26 1,365 134% 9.77 2.42 756 -13% 9.60 1.73 545 -75% 12.22 3.11 228 -86% 9.15 1.00 260 -77% 9.73 1.29 1,419 339% 3.69 1.00 29 92% 22.10 5.17
Net
Market Sales EBITDA y/y Profit
y/y Profit y/y
% Q4
-21% -86% -23% 16% 11% 9% -1% -5% 38% -7% -10% -17% -29% -21% -33% -32% 44% 61% - -41% -48% 63% 27%
27,797 89,601 1% 21,793 14,776 6% 27,231 39,209 18% 12,960 18,897 2% 13,069 31,942 19% 19,180 18,783 16% 39,156 15,713 8%
9,649 19,453 6% 45,108 19,027 0% 28,305 19,858 16% 11,610 18,059 16%
6,250 4,183 22%
4,500 6,651 13% 14,550 13,015 20% 8,250 10,612 31% 32,627 13,013 44% 31,152 23,996 19% 29,400 23,657 16%
30,345 27,465 2% 20,967 16,453 4%
8,748 4,756 20% 1,908 422 31%
3,807 -55% - - 3,350 18% 2,480 -2% 3,338 22%
9,363 6% - - 3,547 -19% - -
- - 3,831 13%
1,018 6% 1,132 -5% - -
- - 2,854 51% 10,745 18% 11,090 30%
5,458 -37% 3,231 -41% 2,089 28% 142 41%
Borsa Istanbul’s most popular lender Garanti BBVA upped its net profit by 15% y/y to Turkish lira (TRY) 1.22bn in Q4​, a figure below the market forecast of TRY1.28bn, according to stock exchange filings by the lender.
“Garanti set aside TRY150m free provisions this quarter; adjusted net income would have been 12% higher,” Ovunc Gursoy of TEB Investment said in a research note.
The bank’s profit declined by 7% y/y to TRY6.16bn in 2019 as a whole, according to an investor presentation.
Akbank reported 27% y/y profit growth to TRY1.33bn for Q4​, beating the market expectation for TRY1.29bn. Its profit declined by 5% y/y to TRY5.4bn in 2019 as a whole.
Low loan growth (up 9% y/y to TRY204mn) along with provisions for a Turk Telekom loan and non-performing loans (NPLs) negatively affected Akbank’s profit performance last year, according to Is Yatirim.
Steelmaker ​Erdemir’s net income​ declined to TRY3.32bn in 2019​ from TRY5.6bn in 2018 despite a slight rise in turnover to TRY27.5bn from
16​ TURKEY Country Report​ March 2020 ​ ​www.intellinews.com