KOÇ HOLDING November 9, 2015
In the first nine months of 2015, Koç Holding reported total consolidated revenues of
51.3 billion Turkish lira and pre-tax profits of 3.1 billion Turkish lira. The parent company's net income for the period amounted to 2.2 billion Turkish lira. Koç Holding
CEO Levent Çakıroğlu said: 'Koç Group Companies continued to growth in the first nine months of 2015, thanks to uninterrupted investments and sound risk management, and unshaken confidence in our country despite the financial uncertainty in the markets. I can proudly say that our high growth performance in our country's automotive, consumer durables and energy industries, in which we play a key role in both production and exports, has been the driving force behind the Turkish economy. In the future, we shall not only help contribute to our country's growth and development but also increase our global competitive power and continue with our innovation, technology, and productivity-oriented investments.'
Indicating that Koç Holding companies have continued their successful operations in the automotive industry, Çakıroğlu said: 'While the automotive market in our country grew by 39 percent year-on-year in the first nine months of the year, our growth in the commercial vehicle segment - Koç Holding's main line of business - reached 44 percent. The driving force behind the automotive industry, our companies accounted for 45 percent of total automobile production and 43 percent of total automobile exports in the first nine months of the year.' Çakıroğlu explained that while Turkish automobile exports grew by 8 percent in terms of volume in the first nine months of the year in line with the improvements seen in the European markets, the total export volumes of Ford Otosan, and Tofaş, both Koç Holding companies, increased 27 by percent during the same period.
Çakıroğlu continued: 'I would like to add that we are pleased and proud to have Ford Otosan grow its sales volumes substantially in this period, thanks to its renewed product portfolio and large-scale investments undertaken in previous years as well the strong demand for Doblo 'RAM ProMaster City' Tofaş introduced in the United States and Canada. Another key development in the automotive industry in the first nine months of the year was the introduction of Tofaş's new compact sedan mode, Egea, in September. Tofaş has proven once again that it is a global player in R&D, thanks to this new model developed jointly by the Fiat Style Center and Tofaş's in-house R&D. We continue our investments to start
producing the mainly export-oriented hatchback model on the same sedan platform in the first half of 2016, and the station wagon model in the third quarter of the same year.'
Pointing out that 2015 was a very strong year for the consumer durables industry, Çakıroğlu continued to say, 'While domestic sales of durable goods rose 8 percent year-on-year in the first nine months of the year, our Group, which accounts for 46 percent of consumer durable exports in our country, has continued to be the biggest driver of growth in this industry. Our company Arçelik, the leading name in the consumer durable industry, continues to expand its market share across Europe with its Beko brand, Europe's second-best-selling home- appliances brand. Arçelik is also continuing with its refrigerator plant project in Thailand, as planned. We aim to launch production in Thailand by the end of this year.'
Koç Holding CEO Levent Çakıroğlu stated that one of the most celebrated and proud developments in the first nine months of 2015 was the commissioning of the Tüpraş Resid Upgrading Project with all its units. Explaining that the substantial boost in the country's fuel oil production capacity since the start of this $3-billion plant has helped the country save a bundle on its fuel oil imports bill, and thus reducing its current account deficit, Çakıroğlu added: 'Tüpraş has thus been instrumental in increasing domestic production capacity primarily in fuel oil as well as other imported value added oil products, thereby helping generate substantially higher value for the Turkish economy. Tüpraş has thus become more competitive and resilient against fluctuations in global refinery margins. Thanks to the contribution of the Resid Upgrading Project and the improvements in refinery margins observed across the Mediterranean region, we saw a great improvement and a positive picture in the first nine months of the year in both the financials and growth rates.'
Noting that Yapı Kredi, despite the heightened risk perception in the financial markets in the first nine months of the year, continued to invest using its smart growth strategy that is geared to supporting Turkey's growth, Çakıroğlu said: 'Able to grow its customers base thanks to digitalization investments and improved distribution channels, Yapı Kredi enlarged its market share in loans and deposits in the first nine months of the year.'
Çakıroğlu stated that they are aware of the fact that Turkey's continued competitiveness as well as modernization efforts depend on a development strategy that takes into account not only the economic but also social and environmental issues. Emphasizing that they aim to benefit Turkey by developing sustainable and replicable models, Çakıroğlu said that they
mobilize Koç Holding's entire resource pool to achieve the concurrent development of economy and society.
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