Koç and Sabancı Holdings, Turkey’s largest conglomerates enjoy increased profits
Talking about largest conglomerates in Turkey, it goes without saying the two leading groups are KOÇ HOLDING and SABANCI HOLDING. Throughout years, they have reached a peak point where it is difficult for any others to come anywhere even close to where they stand now. Needless to say both have contributed to Turkey in terms of development of industry, trade, employment and much more.
On the other hand, there is a friendly challenge between the two groups as to who is larger and more profitable etc. Indeed, profit is also a very important drive for both groups and closely monitored by top managements. Moreover, both groups have a common practice the business world has witnessed several times. They simply do not carry unprofitable businesses for a long time and preferably sell them off or simply get rid of such profit centers.
Most recently, both groups have shared information regarding their profits so far in current year.
Accordingly, Koç Holding’s net profit for the second quarter rose from 918.1 million Turkish Liras to 1.42 billion Turkish Liras ($ 402.8 million) in the same period of the previous year as announced in a statement to Istanbul stock exchange on Aug. 18.
It is understood that said increase of 54.4 per cent year-on-year in the net profit of the operating group came from the strong contributions of energy and automotive companies. On the other hand, Koç Holding’s total revenue increased by 36 percent in the second quarter to 23.2 billion Turkish Liras
SABANCI group on the other hand has managed to close first half of the year with a sales turnover of US$ 5.5 billion. The group said in its statement on July 18, sales in the console reached 19.2 billion TL (approximately $ 5.45 billion) in the first half of 2017 corresponding to an 11 percent increase year on year.
According to same statement, operational profitability of the group rose to 4.3 billion liras ($ 1.22 billion) in the first six months of 2017, corresponding to an increase of 21 percent compared to the same period last year.
