Major loss for TOGG in 1 year

Turkey’s domestic automobile project, TOGG, has shifted from a profit of 9.6 billion TL in 2023 to a loss of 13.75 billion TL in 2024. The company's net asset value also eroded by 37.5 percent within a year, falling to 23 billion TL. The details of this dramatic loss emerged in financial reports disclosed by Turkcell to the public.

Publicly traded companies are required by law to disclose their financial information. Although TOGG is not directly listed on the stock exchange, data regarding its financial status is reflected in the public domain because its shareholders—such as Anadolu Grubu Holding, Turkcell, and Vestel Elektronik—are publicly traded companies. An analysis published in Oksijen’s Malumat column sheds light on TOGG’s financial situation based on Turkcell’s 2024 balance sheet.

TOGG'S TRUE FINANCIAL PICTURE EMERGES

Turkcell reports its 23 percent stake in TOGG under the heading "Investments accounted for using the equity method." According to the disclosed balance sheet, Turkcell incurred a loss of 3 billion 162 million TL in 2024 due to its shares in TOGG. This figure reveals that TOGG’s total loss has reached 13.75 billion TL.

Turkcell had reported a profit of 2 billion 202 million TL from its TOGG shares in 2023. However, the financial downturn experienced in 2024 also negatively impacted the company’s balance sheet.

VALUE ERODED IN ONE YEAR

The TOGG shares held by Turkcell at the end of 2023 were valued at 8.47 billion TL. Based on this data, TOGG’s total asset value was calculated at 36.8 billion TL at the end of 2023.

However, throughout 2024, TOGG’s net asset value eroded rapidly:

March 2024: 29 billion TL

June 2024: 28.1 billion TL

September 2024: 27.6 billion TL

December 2024: 23 billion TL

According to these figures, TOGG’s net asset value decreased by 37.5 percent within a year, a decline of 13.8 billion TL. It is noteworthy that this erosion is almost equivalent to the 13.75 billion TL loss reported by the company.

One of the most striking details in Turkcell’s balance sheet is that no revaluation was performed on TOGG’s assets. Experts state that a potential revaluation process to be conducted in the first quarter of 2025 could lead to new changes in the company’s financial statement.

News Source: 12punto