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to Turkey, it also completed the $6bn STAR oil refinery in the southeast of the country, which produces petrochemical feedstock, and controls the Borsa Istanbul-listed Petkim, Turkey’s leading petrochemicals firm.
● Petkim
In January 2020 , Petkim was among 18 companies chosen to join the World Economic Forum’s (WEF’s) Global Lighthouse Network of “leaders in applying the technologies of the Fourth Industrial Revolution”.
● Others
Turkish conglomerate Global Yatirim Holding has applied to the country'a Capital Markets Board to float shares in Naturelgaz.
9.2.2 Automotive corporates
● Ford Otosan
Ford Otosan ( FROTO ), a JV between Ford and Turkish conglomerate Koc Holding established in 1959, targeted 335,000-345,000 units of exports and 40,000-50,000 units of domestic sales in 2019.
Ford Otosan increased its exports by 2% y/y to 333,734 units in 2019.
Ford Otosan's export sales rose by 4% y/y to 29,948 units in December alone after three consecutive months of decline “which the company explained earlier [as caused] by supplier issues”.
This might indicate that these issues have been resolved, according to VTB.
Ford Otosan's domestic retail sales were down 28% y/y to 49,973 units in 2019.
VTB said Ford Otosan might benefit from future cooperation between Ford and Volkswagen, as well as its plans to boost exports of heavy trucks.
In particular, the company plans to increase the geographic footprint for its truck sales from 43 countries in 2019 to 81 countries by 2024.
Nevertheless, VTB saw Ford Otosan as fairly valued at the moment.
Ford Otosan has distributed regular dividends since 2004 with an average pay-out ratio of 50-60%. In FY2019, it distributed Turkish lira (TRY) 3.66 of
68 TURKEY Country Report OUTLOOK 2020 www.intellinews.com