- SABANCI HOLDING'S CONSOLIDATED NET PROFIT FOR THE SIX-MONTH PERIOD IS 1.104 BILLION TL
- ZAFER KURTUL, SABANCI HOLDING CEO: "IN 2011, NET PROFIT OF OUR NON-FINANCE COMPANIES INCREASED BY 60% AS COMPARED TO THE SAME PERIOD OF LAST YEAR
- "IN THE FIRST HALF OF 2011, WE CONTINUED WITH OUR INVESTMENTS IN LINE WITH OUR PLANS".
As of 30 June 2011, consolidated sales of Sabancı Holding for six months reached 10.772 Billion TL by a 13% increase over the same period of 2010. On the other hand, sales of consolidated non-finance companies of Sabancı Holding also increased by 37% in the same period. In the same period, Sabancı Holding's consolidated operating profit was 2.5 Billion TL and its consolidated participation net profit was 1.104 Billion TL. Furthermore, net profit of non-finance companies increased by 60% over the same period of last year.
As of 30 June 2011, total assets of Sabancı Holding reached 140.129 Billion TL, while its consolidated participation equity capital reached 13.426 Billion TL.
In his statement on the issue, Sabancı Holding's CEO Zafer Kurtul expressed his views: "In the first half of 2011, consolidated sales of Sabancı Holding exceeded 10.7 billion TL and increased by 13% as compared to the period of last year. Sales of consolidated non-finance companies of Sabancı Holding also increased by 37%. In our non-finance operating areas, our industry companies grew by 71%, our energy companies grew by 28%, our retail companies grew by 17% and our cement companies grew by 13%".
Mr. Kurtul continued: "In the same period, consolidated operating profit of Sabancı Holding reached 2.5 Billion TL. We have managed to maintain our profitability in the sectors we operate, as we did in the first quarter. Consolidated operating profit of our non-finance companies increased by 152% as compared to the same period of last year. This increase rate does not include the profit of 249 million TL from the Aksigorta share sales. When we look at our groups individually, we can see that as of 30 June 2011, our operating profit increased by 430% in our energy companies, by 328% in our retail companies, by 138% in our industry companies and by 9% in our cement companies. These results are very satisfactory. Our equity capitals exceeds 13 billion TL, an indication of the Sabancı Group's strong financial structure Our powerful financial structure will support our growth during the upcoming period."
Expressing that they continued with their investments in line with their plans in the first half period of 2011, Mr. Kurtul said: "We are continuing with our energy investments with high a pace. In the second quarter of 2011, we got two new licenses of 604 MW and we raised our total power generation license over 4,000 MW. In the first months of 2011, we commissioned Hacınınoglu hydroelectric plant and Çanakkale wind park. Once our investments begin their operations, our Energy group will make significant contributions to both turnover and profitability of Sabancı Holding. Energy group's share within the consolidated sales of Sabancı Holding exceeded 800 million TL in the first half of the year. In the upcoming period, we will continue our growth activities and go on to provide energy for the developing Turkey. In July 2011, Teknosa, the leader the electronics retail sector, acquired the Turkish affiliate of Best Buy of USA. In the sector where consolidation is inevitable due to the current competitive environment, we plan to play an active role in new acquisitions as the leader. Again in July, we completed the partnership process between Aksigorta and Belgium based Ageas, Europe's leading insurance company. Our main strategy for Aksigorta is to grow profitably and to become most valuable insurance company. When we consider the growth potential in the insurance sector in Turkey, we believe that we will use the opportunities in the sector better with our partner.
-"2011 will go on to be a year of growth, investment and profitability"-
"We expect that the second half of the year will go on to be a period of growth, investment and profitability for Sabancı Holding. In the second half of 2011, our country will maintain its successful performance although growth expectations in world economies are revised downward. In this context, we expect that Sabancı Holding will achieve its 2011 year-end sales and profitability targets. As Sabancı Holding, we are also pursuing new business areas with high growth and profit potential. As "Turkey's Sabancı", we will continue to add sustainable value to our all stakeholders and our country and to take part in the construction of Turkey's bright future, with our commercial activities we conduct with respect to our environment and social responsibilities, our powerful human resources and financial structure.
We thank our shareholders, employees, customers and suppliers who have contributed to our successful first half year results".