Page 14 - TURKRptJun21

Feb
1.84
0.91
2.02
1.54
6.47
Mar
3.36
1.08
3.11
11.06
-2.15
April
2.62
1.68
1.56
0.36
8.29
Cumulative, % - August=100
Sep-2020
3.61
0.97
3.72
5.02
-3.36
Oct
6.26
3.13
2.00
13.59
-2.01
Nov
9.91
5.50
1.80
6.56
1.43
Dec
14.39
6.81
2.11
1.26
6.46
Jan-2021
17.81
8.61
2.07
-0.50
9.25
Feb
19.98
9.60
2.08
1.03
16.32
Mar
24.01
10.77
2.23
12.21
13.82
Apr
27.26
12.63
2.16
12.62
23.25
4.3 Industrial sectors and trade 4.3.1 PMI Production dynamics
4.3.2 Corporate profits dynamics
Turkey’s manufacturing purchasing managers’ index (PMI) fell to 50.4 in April from 52.6 in March.
Despite a sharp drop in its production, refiner Tupras remained Turkey’s largest industrial producer in Istanbul Chamber of Commerce’s ISO-500 ranking for 2020.
Eregli Demir Celik (Erdemir/EREGL), Turkey’s largest steelmaker, reported a 625% y/y increase in profit growth to $355mn in Q1.
Steelmaker Kardemir (KRDMD) reported TRY501mn profit for Q1 versus a net loss of TRY162mn. Revenues moved up to TRY2.73bn from TRY1.51bn.
Ford Otosan (FROTO) , a 39:41 JV between Turkey's Koc Holding and Ford Motor Company, released strong profit growth figures showing a gain of 189% y/y to Turkish lira (TRY) 1.82bn for Q1, with revenues jumping 74% y/y to TRY16bn.
Net profit at Arcelik (ARCLK), Turkey’s leading home appliances producer, leapt 327% y/y to Turkish lira (TRY) 1.1bn (around €110mn) in Q1.
Aselsan (ASELS), Turkey’s leading defence firm, saw its first quarter profit expand by 33% to Turkish lira (TRY) 1.23bn ($150mn).
Sok, one of Turkey’s largest hard discount chains, reported a net income of Turkish lira (TRY) 84mn ($10.2mn) for Q1, up from just TRY5mn a year ago.
Major Borsa Istanbul Companies Q1 2021 Financials
TRYmn
Market Value
Sales
y/y
Profit
y/y
P/B
Erdemir
67,305
10,464
64%
2,618
771%
1.6
Ford Otosan
59,585
16,254
74%
1,819
189%
9.9
Koc Holding
48,081
57,305
45%
2,113
-39%
1.0
BIM
37,950
15,502
23%
685
59%
5.7
Sasa Polyester
37,229
2,533
152%
110
57%
12.4
14 TURKEY Country Report June 2021 www.intellinews.com