Companies’ profits soared last year, show data

ANKARA

The combined net profit of nearly 1 million enterprises in Türkiye leaped 423 percent in 2022 from 2021 to stand at 1.5 trillion Turkish Liras ($56 billion), according to a survey jointly carried out by the Central Bank and the Turkish Statistical Institute (TÜİK).

The company accounts survey covers 983,182 enterprises operating in 17 sectors.

The most profitable sector was manufacturing, with 776 billion liras of net profit, followed by wholesale and retail trade at 350 billion liras and mining at 121 billion liras.

The real estate posted the largest net loss at 21 billion liras, while the education sector’s loss was 1.4 billion liras.

Wholesale and retail trade companies accounted for 32.4 percent of all enterprises, while manufacturing firms’ share in total was 16.5 percent. The construction sector came third with a 14 percent share, according to the survey.

The combined net sales of nearly 1 million enterprises soared from 14.8 trillion liras in 2021 to 31.5 trillion liras, while their total assets stood at 26.4 trillion liras. Manufacturing companies topped the list with 8.1 trillion liras in assets, followed by wholesale and retail trade at 5.98 trillion liras.

Those companies’ gross sales grew by more than 110 percent last year compared with 2021 to 32.7 trillion liras.

Enterprises’ gross domestic sales and export revenues both rose 113 percent to 25.75 trillion liras and 6.47 trillion liras, respectively.

Manufacturing companies also took the lead in exports, with their sales to foreign markets amounting to 2.8 trillion, followed by wholesale and retail trade firms at 2.45 trillion liras.

Those 983,000 enterprises employed a total of 12.45 million staff last year. Micro establishments accounted for 73 percent of all companies, while the shares of small and medium-sized enterprises were 21.4 percent and 4.3 percent, respectively. Small and medium-sized companies together employed nearly 6 million people, while the number of employees at large enterprises was more than 5 million.