Türk Traktör announced that it achieved a net profit of 1.4 billion TL in the first quarter of the year, above market expectations.

Türk Traktör shared its balance sheet for the first quarter of 2023. Accordingly, the company achieved a net profit of 1.4 billion TL in the first quarter of 2023. Thus, the company's 3-month net profit increased by 14.9 percent quarterly and 193 percent annually. The company's EBITDA was realized at 1.8 billion TL in the first quarter, above the market expectation of 1.4 billion TL. With the first quarter financials, the company's 3-month EBITDA margin was 19.1 percent, net profit margin was 14.7 percent and gross profit margin was 23.3 percent. EBITDA margin was 15.9 percent in the same quarter of the previous year. The company's turnover was realized at 9.5 billion TL in the first three months of 2023, above the expectation of 9 billion TL, and the annual increase indicated 139 percent. While Türk Traktör's share in domestic production decreased, exports increased slightly The company's turnover of TL 9.5 billion in the first 3 months of the year came from domestic tractor sales of TL 6.9 billion. Of the 24,014 tractors produced in Turkey in the first quarter, 13,625 were produced by Türk Traktör. Thus, 57 percent of the total tractor production in the first 3 months of the year was made by the company. However, this rate was 61 percent in the same period of 2022. Of Turkey's 6,050 tractor exports in the first quarter, 5,058 were provided by Türk Traktör. This rate was 82 percent in the same period of last year. The company's market share in the tractor market was 55.4 percent in the same period of last year, but decreased to 47 percent in the first quarter of the year. Türk Traktör expects the Turkish tractor market size to be between 59 thousand and 65 thousand in 2023. Last year, the market size was 66,942 tractor sales. While domestic market tractor sales are expected to be between 28,000-32,000 this year, it is also expected that investment expenditures will be around 1-1.3 billion TL.