Listed companies’ profits soar 75 percent

ISTANBUL

The combined net profit of the companies, whose shares are traded on the stock exchange, increased by 75 percent in the third quarter to hit 444 billion Turkish Liras ($15.6 billion).

The net profit of the listed companies amounted to 877 billion liras in the first nine months of 2023, pointing to a 53.2 percent increase, while the official annual inflation rate was 61.5 percent during this period.

The nine-month net profit of Koç Holding, Türkiye’s largest industrial group, was 73.6 billion liras, putting it at the top of the list, followed by Turkish Airlines at 69.5 billion liras.

Private lender Garanti reported a net income of 57.5 billion liras. Another private lender, Yapı Kredi, refiner Tüpraş and carmaker Ford Otosan ranked among the top 10.

Sabancı Holding’s profit increased by 34.8 percent in the first nine months of 2023 from a year ago to 36.7 billion.

Six companies, namely Enerjisa Enerji, Enka İnşaat, Pegasus, İş Yatırım, Türk Traktör and Oyak Çimento, managed to boost their profits by more than 200 percent in the January-September period.

In the first nine months of 2023, 407 companies reported profit, while 64 companies posted losses.

Among those that posted the largest losses were steelmaker Ereğli Demir Çelik with 3.8 billion liras, Ak Enerji with 3.3 billion liras and Aydem Enerji with 2.2 billion liras in loss for this period.

In the third quarter alone, a total of 398 companies made a profit, while 73 listed companies reported losses.