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Turkey's Koc Holding's 2013 consolidated net income up 15.3% y/y.

February 24, 2014



Koc Holding, one Turkey's largest conglomerates, posted a consolidated net income of TRY 2.7bn (EUR 901mn) for 2013, representing a 15.3% y/y increase from TRY 2.3bn a year ago thanks to the support from the sale of the conglomerate's indirect insurance unit Yapi Kredi Sigorta.

In March 2013, Koc's lending unit Yapi Kredi Bankasi sold its 93.9% stake in Yapi Kredi Sigorta for TRY 1.6bn to Allianz.

Koc's consolidated revenues rose by 0.8% y/y to TRY 66.2bn in the year from TRY 65.7bn in 2012 while its gross profit increased by 6.3% y/y to TRY 7bn from TRY 6.6bn.

The conglomerate's consolidated export revenues amounted to USD 15.7bn last year, Turgay Durak, CEO of the conglomerate, said.

Koc Holding's consolidated net income increased 31.2% y/y to TRY 2.2bn in Jan-Sep from TRY 1.7bn a year ago. Consolidated revenues of Koc Holding slightly declined by 0.4% y/y to TRY 48.2bn in the first nine months of the year from USD 48.4bn a year earlier.

The conglomerate's combined investments amounted to TRY 6.4bn last year. Combined investments were TRY 4.6bn in the first nine months, representing a 58% increase with energy investments taking a 50% share in total followed by automotive investments with a 38% share.



Koc Holding (consolidated) Financials



(bn TRY)



2012



2013



 (y/y)



Revenues



65.7



66.2



0.8%



Gross Margin



6.6



7.0



6.3%



Operating Income



3.8



3.7



-2.2%



Net Income



2.3



2.7



15.3%



Source: PDP



 



 



 



 


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Source: IntelliNews - Weekly Reports


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