Koç Holding reports a loss

Koç Holding reported a net loss of 3.68 billion TL for the third quarter of 2024, performing well below expectations. 

According to the financial data announced by the company on the Public Disclosure Platform (KAP), the net loss for the first nine months of the year stood at 1.9 billion TL.

FELL SHORT OF EXPECTATIONS

While the market expectation for the company's third-quarter net profit was 450 million TL, it had recorded a net profit of 1.60 billion TL in the second quarter. With these results, Koç Holding remained significantly behind market expectations.

In the third quarter of the year, the share of the holding's international revenue in total revenue was announced as 29 percent. 48 percent of this revenue was generated by Tüpraş. It was reported that the company had a net cash position of 854 million dollars as of the first half of 2024.

COMPANY PERFORMANCES 

While Tüpraş contributed 5.4 billion TL to the holding's consolidated net profit, Ford Otosan recorded a loss of 13.4 billion TL and Yapı Kredi recorded a loss of 12 billion TL. Arçelik's contribution to the net profit was 2.3 billion TL.

DECLINE IN GROSS PROFIT  

While Koç Holding generated 1 billion 660 million TL in revenue, an increase of 4 percent compared to the same period last year, its gross profit decreased by 40 percent to 240 million TL. The share of the main partnership was recorded as -1.9 billion TL.

News Source: 12punto