Sabancı Holding plans 6 billion Turkish Liras of investments this year

ISTANBUL

Sabancı Holding, one of Turkey’s largest conglomerates, has said it is planning a total of 6 billion Turkish Liras ($1.13 billion) of investments this year.

“This figure excludes any acquisitions or mergers that may emerge within the year based on strategic developments,” Sabancı said in a filing with Borsa Istanbul on Feb. 25.

It also noted that it expects combined sales to grow between 10 to 20 percent this year.

Sabancı Holding’s combined net sales increased by 34 percent in 2018 from a year earlier to stand at 88 billion liras, CEO Mehmet Göçmen said on Feb. 25.

Sabancı’s combined net profit rose by 10 percent on an annual basis to 3.83 billion liras.

“Rebalancing in the Turkish economy has begun. We are expecting long-term reforms after the [March 31 local] elections. We have taken our precautions. We will continue to produce and invest,” Göçmen said.

Sabancı operates in industry, banking, insurance, retail, insurance, energy and cement sectors.

The group’s companies operate in 16 countries and market their products in regions across Europe, Middle East, Asia, North Africa, and North and South America.

Sabancı Holding’s multinational business partners include Ageas, Aviva, Bridgestone, Carrefour, E.ON, Heidelberg Cement, Marubeni and Philip Morris.

It employs more than 60,000 people.